Sunday, December 27, 2009

Scotia purchases (further thoughts)

Finskiy announced, during after hours on Dec. 23rd, that he owns 22,372,759 Century shares.

Finskiy announced, during after hours on Dec. 24th, that he owns 42,372,759 Century shares .

The 20,000,000 difference is exactly what was purchased via the large private transactions overnight.

Meanwhile, during trading hours on the 24th, there were 1,369,000 gross Scotia share purchases (873,000 net).

The fact that Finskiy didn't include these Scotia purchases in his after hours share count number on the 24th would strongly suggest that it is not him buying shares via Scotia on the open market. Now, it might be possible that he is waiting 3 days for the transactions to clear before announcing, but I highly doubt it.

As a result, it appears as if the person (s) that has been purchasing millions of gross Century shares via Scotia over the past week represents a new institutional player.

As mentioned before, there are also signs that Finskiy previously purchased about 1.7M shares either on the open market or via a small private transaction. If he did it on the open market then the latest developments would suggest that it was unlikely associated with the Scotia purchases.

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