BTIM undertakes sell-down
Shares in BT Investment Management (BTIM) have been placed in a trading halt on the Australian Securities Exchange (ASX) as the majority Westpac-owned company embarks on a sell-down.
The company sought the trading halt today on the basis of having entered into an Offer Management Agreement to sell down 55 million ordinary shares of the issued capital of BTIM to institutional investors and 27 million to retail investors.
The company's letter to the ASX said the trading halt was necessary to allow the institutional component of the sell-down to be conducted.
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