Queensland Government Stake Sale in QRN Stock Buyback

Submitted by Share Trading on 9 October, 2012 - 07:04

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.

Post new comment

The content of this field is kept private and will not be shown publicly.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd> <blockquote> <h2> <h3>
  • Lines and paragraphs break automatically.

More information about formatting options

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
1 + 6 =
Solve this simple math problem and enter the result. E.g. for 1+3, enter 4.

Download our FREE App


Signup for Free
Don't miss out on your free share trading articles.


Free Risk Money Management Calculator for those who sign up!