More than $300m of shares have changed hands in the newly merged Sigma-Chemist Warehouse pharmacy giant in the past 48 hours.
It comes as $10bn worth of shares in the business became free to trade on Thursday, enabling Chemist Warehouse franchises to offload their interests as the merged entity begins life on the ASX.
DataRoom reported on Wednesday that franchisees were expected to offload stock in the pharmacy giant Thursday, although that could be balanced out by passive funds buying into the business.
On Thursday morning, shares in Sigma were up 3.4 per cent to $2.86, with the group’s market value at $31.8bn.
Sigma issued a statement on Wednesday, saying its acquisition of Chemist Warehouse (which was effectively a back door listing) was implemented on Wednesday.
Chemist Warehouse shareholders who were entitled to receive the scheme consideration received 45c cash and 6.3 new Sigma shares per Chemist Warehouse share, and shares would start trading on Thursday.
Founders of Chemist Warehouse, the Gance and Verrocchi families, will have their combined 49 per cent shareholdings subject to escrow until August 31, which is the first released date when they can offload some stock, with the remainder in lock up until the following year.
Sigma said it had decided to permit trading in Sigma shares from Thursday to March 13 as part of a Special Dispensation period, despite it currently being in blackout for earnings, given the release of the prospectus to the market.
Shareholders that can now offload their stake hold 37 per cent of the company.
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