About $20 million worth of Nine Entertainment shares that crossed yesterday afternoon had executives scrambling to uncover the buyer’s identity.
Just after the market closed, 18.5 million shares, or about 2.1 per cent of the company, crossed at $1.025 each, which was also yesterday’s closing price.
With the Turnbull government’s media reform package potentially weeks from being passed and Nine trading at a modest five times earnings, any large share trades are sure to get management and investment bankers excited.
However, in the end it looked to be a fairly innocuous trade, with sources pointing to Macquarie Capital buying shares to cover a short position for a client.
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