Ann: Becoming a substantial holder, page-3

Hi Pioupiou ....

Thank you for the comparisons and the information Credit Corp is another good company ( it looks as if that was good buying back in November when it hit a low of $17.71 after not seeing those levels since June 2018 ..... ..{and as a complete aside, possibly if that is where it retreats to when ‘shocked,’ maybe it will visit it again?})

As far as diluting value via share issues, I am certain that when /if Andrew Walsh thinks the time is right NRW will either implement a share buy back cancellation scheme as he did at RCR or do what Emeco did in November and consolidate.


“September 2010
RCR INITIATES AN ON-MARKET SHARE BUY-BACK
The Board of RCR Tomlinson Ltd (ASX code: RCR) is pleased to announce its intention to return approximately $3.0 million to shareholders through the initiation of an on-market share buy-back (“buy-back”. The buy-back is part of the company’s capital management strategy and will be supplemented by the suspension of the current Dividend Reinvestment Plan.”
http://member.afraccess.com/media?id=CMN://6A505522&filename=20100916/RCR_01098546.pdf
Andrew joined RCR from Clough in January 2010 here and put that company in the road to success until Dr Dalgleish decided to appoint his friend Phipps

(Entertaining comment from Dalgleish on October 28, 2013 as to how that board change was going to impact the company and nb the inference that the financial reporting and risk disciplines established by Andrew were going to be maintained.......
Phipps
... “has a comprehensive understanding of project risk and commercial management, which is extremely rare these days, in particular within the infrastructure, energy and resources sectors," Dr Dalgleish said.
He said Mr Walsh over three years had played an important role in establishing financial reporting and risk disciplines. In that time RCR became a top 300 ASX listed company.”
https://thewest.com.au/news/wa/rcr-appoints-sydney-based-cfo-ng-ya-360107




And yes to what you said about the difference that can often occur between intrinsic value and price .
Fair value and share value are often NOT the same .



DIMENSIONAL:
I am curious about Dimensional returning as it has only .004% over the 5% marker ....
This is the third time in recent years it has announced it’s presence with the smallest nudge over the line and I wonder if it is a political gesture as much as anything else ....( a territorial flag so to speak)


Dimensionsal last went under the substantial holder line on December 5, 2012
https://hotcopper.com.au/threads/ann-ceasing-to-be-a-substantial-holder.4565331/#.XFeVQBo_Xmp

It did not take many trades to do this given it’s previous ‘becoming a substantial holder’ notice (with 5.003% that time ) was November 12, 2018.
https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYD4we9yhiZruBxke92GA==

It had ceased its substantial weighting before that in 26/09/2018 https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYD4w+4zRSZruBxke92GA==

After initially officially arriving on February 9, 2017 with 5.005%
(Buying since October 11, 2016) https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYC4we5zhSZruBxke92GA==