Aha PP lodged after market today. PP now owns 10% of cga from 20% due to "cessation of associate relationship with James Packer". From 8.45 mill shares of cga to 4.2 mill shares of cga.
Fin was right, but mechanics wrongly reported. Packer did not get out by selling PP across to RR. Instead they split the assets 50/50 like in a real divorce.
So looks like Packer sold half his lot (2.1) mill cga shares tuesday 26/7 reducing him below 5%. Hence the disclosure this morning that he has become non- substantial.
Another 2.1 mill shares traded today. Could be Packer selling the balance? We will not know soon, as once you drop below 5% and no longer a substantial, you dont have to inform ASX.
Net effect the same, Packer no longer major backer of CGA
On the flip side, if this is a single buyer, then domeone spent $4.2 mill buying 10% of cga. Cant be NAOS because it"ll trip them over 20%.
Friend or Foe?
CGA Price at posting:
$1.03 Sentiment: None Disclosure: Held
