Contel

Contel: is unchg today. The big 20% drop on Moday was likely due to share sales by significant shareholders. Tracking the series of announcements on shareholding changes this wk, we note, a) Virago Capital, which owned 41.44% of Contel gave a partial distribution-in-specie of 15.79% of Contel shares to Virago shareholders. b) Virago then sold 3.35% of Contel shares in the open mkt Because of the partial distribution-in-specie by Virago, any minority shareholders of Virago might have received small stakes in Contel, which they would be able to sell in the open mkt without disclosure.