Very unusual volume about 10 times the highest volume, typical of this stock, previously 1 million shares would be high volume day. There were couple days back in August when volume exceeded 3 million shares but nothing like that since.
There is about 400 million shares on issue, according to the Australian newspaper business quotes page, but this probably does not include the 50 mil due to Hunter Hill in January.
With over $1.1 million purchase price either somebody new decided to build a position, in which case we are unlikely to find out very soon who it is since it is much less than 5% required for substantial shareholder notification. Unless they continue buying to 5%, That would be good for share price.
More likely it is someone adding to their position and thus supporting SP at the same time. That is also good for a share price. My hunch is that Soul Pattison is adding to their already large stake to express confidence in the company a support the SP.
Of course it could be any number of players, probably a fund or investment manager or private equity people. You name them.
Any speculation or informed opinion welcome. Anyway spending over $1 million on a company with (currently) $40 million market valuation soon to go $45 million with new shares from HH convertible notes, is a huge vote in confidence.
CBD Price at posting:
10.0¢ Sentiment: LT Buy Disclosure: Held
