Ardent Leisure shares: buyer snaps up 19 million shares in Dreamworld owner at 20 per cent premium

SHARES in Dreamworld owner Ardent Leisure Group surged almost 20 per cent higher today after a buyer snapped up stock in the company at a 20 per cent premium.

Shares in Ardent Leisure, which owns Dreamworld, including the Mick Doohan Motorcoaster (pictured), surged this morning after a mystery buyer bought 19 million shares.

SHARES in Dreamworld owner Ardent Leisure Group surged almost 20 per cent higher today after a buyer snapped up stock in the company at a 20 per cent premium.

Nineteen million shares were sold prior to the market opening at $1.20 per shares, far higher than the $1.005 closing price yesterday.

The shares are worth $22.8 million at the traded price and represent 3.96 per cent of the total number of securities in Ardent.

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At 2.40pm shares were 19.9 per cent higher at $1.205, up 20¢.

The Financial Review Street Talk column reported this morning it understood George Kanaan’s institutional blocks desk at UBS handled the trade.

The buyer is unknown at this stage and the stake is below the 5 per cent threshold where a change in substantial holding notice is triggered.

Morgans Gold Coast branch manager Heath Hill said the trade has left him scratching his head.

“It is a decent line of stock that has gone through but not one that could indicate a change of control (at the company),” he said.

“The question is, why has the buyer paid $1.20 per share to secure the stock? That’s the answer we will be looking for in the coming days.”