Westpac completes partial sell-down of BTIM stake
The Westpac Group has completed a partial sell-down of its stake in BT Investment Management (BTIM), with a sale of 60 million shares at $10.75 per share.
According to the company, this represented a discount of approximately 10 per cent to the 30-day volume weighted average price (VWAP).
Further, Westpac would retain a 9.8 per cent holding in BTIM and these shares would be subject to a voluntary escrow until after the release of BTIM’s FY2019 interim results which would be announced in May, 2018.
BTIM’s chairman, James Evans, said: “The sale of shares by Westpac will improve the liquidity of the trading in our shares and broaden the register of shareholders”.
According to Westpac Group’s chief financial officer, Peter King, the institutional book build had delivered a good result for Westpac and it “sees several high quality institutions join the BTIM register”.
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