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Reuters story on SKC - NZ's Sky City CEO sees year of consolidation, then expansion (March 25, 2008)
With volume of Sky City Entertainment[SKC.NZ] shares traded on the NZX at over 8 million today and around 5 million yesterday one would have to ask why the large volumes changing hands? The average trading volume is just over 1.2 million shares.
Answer, I don't know for sure, but I'm going to speculate again.
Clearly the number one stab in the dark would be a share price so low it would have to be about 6 years ago that it traded at the present level of NZ$3.48 and it has got out the bargain hunters and institutions.
Number two punt is a mystery buyer getting a controlling stake-although talk of anyone kicking the tyres of the company is long gone, for now.
Three, Unitab as it was around 3 years ago, now Tattersalls[TTX.AX], from Australia topping up their 0.5% shareholding that they already have in the company.
Fourthly, and probably most likely, Commonwealth Bank[CBA.AX], who dumped Tattersalls stock on March 7 (PDF disclosure) and who is also a biggish player in SKC.
Just to hedge my bets, a combo of all four is also part of my playbook!
The coming year is going to be a tough one for Sky City, But new CEO Nigel Morrison has restructured and redefined a number of casinos in this part of the world. The giant Crown Casino in Melbourne but one of them.
Disclosure: I own SKC shares
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c Share Investor 2008