Queensland Government Stake Sale in QRN Stock Buyback
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QR National (ASX:QRN) stock has changed hands yesterday with a combination of a stock placement and a stock buyback from the Queensland Government's stake in the company.
- $1.5 billion in QRN stock was sold.
- $1 billion was bought back by QR National, $500 million was placed with a few large investors. 144 million shares were crossed on the stockmarket at $3.47 per share.
- Fund managers had been anticipating a dump of cheap stock on the ASX stockmarket.
- The large investors for which the stock was placed were two offshore investors: one a sovereign fund and the other a local financial institution.
- $1.5 billion in proceeds will be paid into Queensland state debt.
- QRN stocks closed Monday 5.19 percent higher at $3.65 (a five month high). Previous close on Friday was $3.47.
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