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Cheng Yu Tung acquires 14.58% of Giordano (0709)
Disclosure of interest, 9-May-2011
According to the disclosure form, the shares were acquired off-market on 9-May-2011 at an average of $4.81, a 15.8% discount to the closing price that day. No substantial shareholders have disclosed a sale, so that implies that there were at least 3 mutually independent vendors, each holding less than 5%. In our view, this is the most unusual transaction in this stock since Jimmy Lai sold his remaining 27% stake in Giordano overnight on 27-Feb-1996, when no single buyer owned more than 10%.
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