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SHARES IN COLES MYER FALL ON INVESTORS' STOCK OVERHANG CONCERNS.
AsiaPulse News, November, 2002
MELBOURNE, Nov 21 Asia Pulse - Coles Myer Ltd (ASX:CML) shares lost ground today with investors concerned about the significant stock overhang in the retailer from ousted director Solomon Lew's massive buying.
Uncertainty about Mr Lew's intentions after he failed to be re-elected to the Coles Myer board yesterday also weighed on the shares.
Mr Lew outlaid around A$350 million (US$195.72 million) to boost his holding in Coles Myer to almost 10 per cent to shore up his voting power for in an unsuccessful attempt to stay on the board at yesterday's annual general meeting.
Market analysts have noted that some shares acquired by Mr Lew could be covered by put and call options and the stock could be sold now the AGM is over.
This fear of a...
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