Storm in a tea cup I reckon; - Probably a minor amount of holders sold over the period in question. Most probably just held. And if they sold, they may have bought again since, so does this preclude them from the CA?
- Crown has the cash to defend or settle. A settlement may be almost negligible to the balance sheet. After all they are buying back 400M worth of shares currently...
- Holders who may qualify for the CA but have since bought again may not want to the CA to impact SP, and therefore will not participate. It's not like crown are in poor financial shape where every man and his dog wants to sue them before the ship goes under... Therefore right now the market has a propensity to let crown alone since the SP is generally rising.
- Probably the biggest indicator is that the market has not reacted strongly yet. I understand the reaction may not come until a judgement or settlement, but so far the crowd are undeterred.
PS I'm just patiently waiting until we crack this resistance at 12.20. And after reading 'The price of fortune' (James Packer's life) I have the impression he would like Crown privately owned. And since we have a buyback happening that may not be far from reality.....so good if you bought now or cheaper previously...
CWN Price at posting:
$12.18 Sentiment: Buy Disclosure: Held
