Barrenjoey’s equities desk was late on Wednesday looking for buyers for some $112 million in Magellan Financial shares being offloaded by the fund manager’s co-founder, Chris Mackay.
The 12 million shares were being offered at $9.40 apiece or a slim 3.1 per cent discount to Wednesday’s close. Mackay’s vehicle, Magellan Equities, was listed as the seller. It held 15.3 million shares or 8.42 per cent of the company before Wednesday evening’s trade. The transaction was structured as a fixed-price book build and mopped up pretty quick.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review. Connect with Emma on Twitter. Email Emma at emma.rapaport@afr.com
