It seems HHL is reducing their holdings of late. I wouldnt be overly concerned about this and would expect that there is every chance that HHL will perhaps continue selling to some degree. Basically, as per previous company announcements, it appears as though HHL will be converting its interests in the 10 cent convertible notes to fully paid equity in January 2011 and if they want to maintain a relatively similar position in CBD, its a no brainer to sell to the market at .155 in September and purchase back the position at .1 in January. I would expect at the end of the day HHL will still take a relatively larger position in the company post coversion so wouldnt expect an extreme sell down in shares from now to conversion in January. HHL is a multi bagger investor and I would expect that they think they can make significantly more than .155 per share over the next 2 to 5 years.
CBD Price at posting:
15.5¢ Sentiment: LT Buy Disclosure: Held
