Pinned straw:
News today that the largest holder (20%), Michael Giles, a director, has sold down all of their holdings (137 M shares).
I'm not a sophisticated investor so I'm just going by Commsec. I'm assuming it shows the block trade and that this happened at $0.085 compared with the highest public traded price today of $0.081.
So biggest one-off change since Wirecard takeover in 2020.
I'm not one to dig too deeply into the capital structure but I have learnt that it is important for microcaps.
I see this as a positive sign momentum wise and I expect more chat as the new holders talk their book.
Giles came onto the registry when CCA was exploring growth opportunities in the US. As they have abandoned those plans it makes sense that he is selling out.
It seemed as though a sell down was on the cards from the point at which they stopped pursuing US growth. I don't think there's much else to read into this. Probably good that that big overhang of stock has been cleared now.
The crossing was done at 7c...
