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”.
AUTHOR
Oksana Patron
Recommended for you
Investment solution provider Channel Capital has appointed James Archer as its latest distribution director, joining from Pinnacle Investment Management.
Bennelong Funds Management has signed a memorandum of understanding with US private credit manager Monroe Capital to distribute its products in Australia.
Global equity manager Talaria Capital has appointed a Sydney-based sales director as it grows its distribution presence across Australia.
Global private markets firm Partners Group has launched an evergreen fund to provide Australian advisers with access to its cross-sector royalties strategy.
