CDA - Codan Limited

[peter2]

Ah Houston, we have lift off!

 

[finicky]

Low volume rise for the day but chart a hope.

I'd call this another positive signal - along with directors buying in November - an increase in substantial holding notice from the Uhrig family. From 14.5% - 15.5% ownership! On market purchase of 2,248,904 shares at let's say roughly $4. That's around $9m they've spent stealthily collecting the sellers and they're real insiders: the notice signed off by a David Uhrig, a software engineer with no direct CDA connection but John Uhrig was CDA Chair until retirement in 2007.

Held

 

[MannyTheMemmoth]

In addition many similar tech stocks rose around similar percentage but yes positive sign anyway.
How did you figure out that the 2,248,904 stocks were bought in recent weeks. The notice says the date of change being from 2018-2023.

 

[finicky]

Manny, 12/01/2018 was the date of the previous notice of change of interest.
They haven't been buying from 2018 through 2023

 

[MannyTheMemmoth]

Manny, 12/01/2018 was the date of the previous notice of change of interest.
They haven't been buying from 2018 through 2023

Under the "Date of change" column it mentions "10/02/2018 - 12/01/2023". I thought that meant it could be many transactions in that date range.

 

[finicky]

@MannyTheMemmoth ok, I take your point, maybe they have been buying parcels in that range and are only now required to state it after a 1% step change has occurred. Don't know - but suspect buying is recent and at least we know some of it has been recent..

 

[mullokintyre]

Don't be like Elvis who reportedly died with 4 months of backed up impacted stool. Make 2023 your Year of the Colon.

Year of the colon. Right.
Punctuation is very is important.
mick

 

[finicky]

In the same box that @MannyTheMemmoth referenced in the announcement it supplies the number of shares bought and dollars paid. I missed it. Maybe I don't know everything .. nah.
The Uhrig family paid an average $5.07 a share. So that means quite a bit of the purchase was not bought over the last couple of months.
Amount paid: $11,418,507
Number of shares: 2,248,904
I guess that weakens the theory a bit that they have special reason to be confident in an upbeat report in Feb?

 

[finicky]

mullokintyre, please .. relevance and propriety or this risks becoming an FMG type thread.

 

[galumay]

I think its pretty safe to assume they were purchased in the last couple of months, the average price was $5 per share. (and its only August that they were still over $8)

When I look at the top 20 holders, neither Starform or Dareel have increased their holdings this year, looks like its the direct holdings by the Uhrig family members that account for the increase since the EOFY 2022. This is the "Other Misc Holdings" in the notice.

 

[MannyTheMemmoth]

And I looked at it the other way that they bought recently to top up, average price is more than recent ~4 so it could be better news that they bought before Feb results and topped up in past weeks instead of after Feb results so may be Feb result will push it higher?
Anyway, it's all speculations till the results are announced.

 

[galumay]

Actually, I think most of them were purchased prior to EOFY 2022, just noticed this line in the AR,

They were only just shy of the extra 1% then.

Mind you slightly confusing because Pinara Group not mentioned in the notice!

If they did buy most of them prior to EOFY 2022 then they must date back to 2018/19 to be an average of $5.

 

[frugal.rock]

From the guide on Form 604:
Notice of change of interests of substantial holder

(c) The person must give a copy of this notice:
(i) within 2 business days after they become aware of the information; or
(ii) by 9.30 am on the next trading day of the relevant securities exchange after they become aware of the information if:
(A) a takeover bid is made for voting shares in the company or voting interests in the scheme; and
(B) the person becomes aware of the information during the bid period.

604 Notice of change of interests of substantial holder | ASIC

asic.gov.au

 

[finicky]

Too hard for me.
I'm left with the minimal conclusion: can't be bad that they've bought some.

 

[finicky]

@frugal.rock but what is the definition of a change? It can't be like a 100 shares or something because it would result in many distracting and pointless notices if an entity is accumulating?

 

[frugal.rock]

339900 after hours sale, is this Anything significant?

Stop jumping at shadows.

Ah Houston, we have lift off!

I used to have a little black cat, special little boy he was with extreme street smarts, probably from being born in an alley behind a takeaway at Punchbowl train station.
Very black he was. So black in fact, on a pitch black night, the only way I could tell where he was, was from the "blacker than black" moving.

The point of the story is, @MannyTheMemmoth on the 6th of January, you noticed an anomaly, or an outlier event, blacker than black moving.

It took me a while to learn to see my little fella in the dark, as it has to spot outliers in the market.
Just remember that outlier events can produce movements in either direction, and often end up not being relevant to price movement at all.

There's nothing wrong with "jumping at shadows", just remember if you read it wrong, it can easily be a loss.

 

[frugal.rock]

@frugal.rock but what is the definition of a change? It can't be like a 100 shares or something because it would result in many distracting and pointless notices if an entity is accumulating?

Good question.
Form 604 is supposed to be provided to the exchange and the company.
I guess notification to the market is the obligation of the company under listing rules.
One day, I'll read the listing rules ??

 

[galumay]

@frugal.rock but what is the definition of a change? It can't be like a 100 shares or something because it would result in many distracting and pointless notices if an entity is accumulating?

Only need to notify when substantial holding changes when it goes up by 1% or more. Substantial holding commences at 5%

 

[MannyTheMemmoth]

Good volume, good rise today, hope it's not pump and dump before the half year result.

 

[galumay]

Must have been all of us chatting about it yesterday!!