The percentage of shares owned by Institutional Investors as of today according to Reuters has decreased by about 1% but the total number of Institutional investors remains the same at 45. The chart indicates that 3 of the current Institutional investors are selling off some of their Connacher shares which are being bought by two other existing Institutional investors. The last possibility is that many new retail investors on the side lines are putting their cash back into the market as they realize that Connacher's share price is highly undervalued.
http://www.reuters.com/finance/stock...
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|
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|
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| % Shares Owned: |
30.85% |
# New Positions: |
0 |
| # of Holders: |
45 |
# Closed Positions: |
2 |
| Total Shares Held: |
65,191,644 |
# Increased Positions: |
2 |
| 3 Mo. Net Change: |
-838,990 |
# Reduced Positions: |
3 |
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# Net Buyers: |
-1 |
P.S:
dk_co you stated the following: "Connacher has been beaten up more than some as their line of credit at the bank has been yanked" .
This is untrue. On page 7 (9 of 102) of Connachers 2008 Report it states:
"Subsequent to year end 2008, Connacher elected to cancel it's undrawn $150 million and US $50 million credit facilities. We had attempted to renegotiate certain key terms of the facilities, but we were unsuccessful in securing acceptable revisions from our banking syndicate. As we now have considerable unused credit capacity following the cancellation of our former facilities and in order to further enhance our financial flexibility, and liquidity, we are investigating alternative credit sources."
Page 63: " Subsequent to year end Connacher put in place a $20 million demand operating facility for the purpose of issuing letters of credit. The facility is secured by cash and a first lien claim on certain assets of the company."
This is vastly different than having their line of credit yanked by the bank!!!
Best Wishes; Scott
