Not sure if anyone noticed in the recent 'substantial shareholder' notice, but Kingston capital bought too many shares. Last page of that notice stated that they will have to sell down to get below 20%.
By my calcs they have 7.5M shares they will have to sell hence the price pressure last week or so. But now RFL have smartly announced a buyback (they have plenty of cash to do so) to take the sting out of it.
Buyback starts 10 March I think, for up to around 25M shares. You would expect Kingston will wait until buyback commences before they offload that line though I would think they would hit that 1M bidder (A smart bid imo).
Cdchi1
RFL Price at posting:
7.6¢ Sentiment: LT Buy Disclosure: Held
