Am I missing something?
8 days ago he stated he is the 2nd largest shareholder, he never mentioned anything about selling his stake and he usually tells you when he did and what price area. He stated he felt it had 76% Upside which he thought was considerable and it has high potential for paying a divided with free cashflow of 38% or 70 cents per share (if I've understood correctly)... No mention of him selling.
There was a large block put up for sale, but as far as I know there was no confirmation it was his... (I could be wrong on this as I'm yet to see it) There are several others that own large share quantities outside of him and Murray Edwards...
Theres been postings of his top 10 list on this and a few other boards, as far as know that's just his top 10 list of 'opportunities', not his current holds, Cardinal he estimates only has 76% upside but he mentioned a few others that can double or almost triple from current values, so I would assume Cardinal no longer is just a top 10 opportunity compared to others with bigger upsides thus the exclusion from the list. Not that he has sold. And if that top 10 was current holdings, just because he has 7% of CJ, that doesn't mean it is one of his top 10 positions in a company. He likely has larger value positions in other company's especially since his acquisition was fairly recent, longer term holdings are likely much more valued in the Fund, I think I remember him saying a year or so back he likes to hold 20-25 long positions in the fund at any given time.
Also a few months ago he mentioned his struggle to aquire shares as being a fund he has a different process for making a large acquisition of the shares and that he could not find someone to sell to him in multiple attempts at multiple price points, in the recent appearance he mentioned he had to get in using the acquisition of convertible debentures that were converted to get his position. So he didn't accumulate from the open market, and I'm going to assume with what he's said before that he cannot just sell also to the open market he would need to find a large volume buyer from him.
I could be all wrong here... But the mention of his selling was just thrown out in a minor comment and several after jumped on it, is there any proof of it? Also if he can't buy at regular market prices as he mentioned before, how much does he influence the market price of CJ, as I see assumptions of? Him mentioning it on BNN or Twitter can cause small bumps of us small retailers, but I don't see his words moving 100s of thousands to millions of shares in a couple sessions, especially when his words were still positive, just not as positive as previously.
I have no real care for Nuttal, tho he is one of the very few that makes in-depth calls on oil companies and does create interesting conversation points for us. He also mentioned that we as retail investors are not his customers for the fund he manages, it's large hedge funds and others that utilize him and his fund may only be a 2-5% holding of thier portfolios.