Spenceley decision spurs talk Vocus shares may be at peak

The share sale by Vocus founder James Spenceley grabbed the attention of various members of the investment community late last week, with some questioning whether the company is now fully priced on the back of a string of recent acquisitions.

After the telecommunications provider merged with M2 and bought Amcom in the west, one view is that the company’s shares have topped out, with the group now reliant on stronger performance to boost drive earnings.

It emerged on Friday that Mr Spenceley sold 3.2 million of his 4.2 million shares for $26 million.

Interestingly, the trade has happened at a time when the stock remains at a six-month low, trading around $8.10 late on Friday. In comes as Air New Zealand indicated at its results on Friday that it would make fresh attempts to divest its stake in Virgin Australia for which it still owns 2.5 per cent.

Elsewhere, Macquarie Capital’s process to sell Bingo Industries has taken an interesting turn, with sources suggesting infrastructure investors have been targeted to buy the business, which the bank considered floating almost a year ago.

A number of industry parties have also been courted, including Cleanaway and also Suez. However, infrastructure investors are said to have little interest in the operation, which some have previously tipped could sell for about $500m.