Hi MTW, OZE, ASF,Thanks for your considered responses. Exactly...

Hi MTW, OZE, ASF,

Thanks for your considered responses. Exactly the sort of discussion I hoped to elicit.

I'm still doing my analysis on the remaining assets and my view on value. Oze your point is a good one re if you perceive value > share price then you shouldn't be worried about where the share price trades in the near term.

My post was only directed at the share price and where it may go, and whether i might get the shares cheaper in a week or two if JPM keep selling or once the shares go ex-dividend.

The questions that still remains in my mind are:

- If you are right and there is plenty of value left in the post CCP assets, then why are JPM selling? Generally i am of the view that large institutional shareholders have better access to management and will therefore have a better view on value than other (retail) shareholders. Therefore, in forming their view to sell, they may have better information than we do. Oze, as you point out, realisation of this value is likely to be a longer term thing.

- I take your point asf re liquidity, but it would seem that JPM are clearly sellers and my question remains how much (more) can retail shareholders pick up. No doubt there is buying interest in the stock (definitely oze!) but i wonder if oze and other keen buyers have enough cash to pick up 18m shares worth of stock! I know i certainly don't!

- I'm no expert, but post dividend, the market cap will only be 50-100m, which means that from my understanding, it won't be eligible for most institutions to buy (too small, and not in an index). Therefore, any major sh interest may only come from the existing big guys. This only leaves IVA really as Sol and JPM (aus, nom) would seem unlikely. As i outlined above, i would've thought JPM would have sounded out IVA fully as to their interest in their 8% stake before they started selling. Assuming that's corrent and IVA isn't in a t/o of EXS, (which may be right as they have a low entry price and are sitting on a nice profit).

This one is certainly an enigma!