Hi Andre,
I do not know what Denison's float is, but I will try to make an educated guess.
Total number of outstanding shares = 317M
Just after the restructure the shareholder structure was as follows:
Preferred shareholders held 61.8% = 196M
Previous Cl A & B shareholders held 20.2% = 64M
Cda Mortgage & Housing Corp held 8% = 25.3M
Toronto Dominion Bank held 6.1% = 19.3M
Bank of America (Canada) held 3.9% = 12.3M
Of the above, Roman Corp Holds about 16M (or about 5% of O/S shares).
Bank of America may have already sold their portion. About 6 months ago, I heard rumours of TD Bank wanting to sell their portion. I suspect some of the former preferred shareholders may also have sold some of their holdings after the restructure. I dont think that any of the shares are restricted. So, other than the shares held by the Roman Corp, the rest can be considered to be float, ie about 300M.
The stock has been trading in the 30 to 33 cent range for a long time, on pretty good volume, both on the Montreal and Toronto exchanges. This indicates to me that there is good support at the 30 cent level. I suspect that the 2 banks, CMHC and some former Pfd s/holders are selling, but is being accumulated at these levels by smart money.
Regards, Lalit |
