A regional insurer has sold 20 million shares, or 8.5% of its issued capital, as it seeks to “increase share market liquidity.”
The shares were offloaded at AU$3.00 per share, an 11% discount from Tuesday’s AU$3.35.
CBL’s managing director
Peter Harris sold five million shares; deputy chairman Alistair Hutchinson, 5.4 million shares; and the senior management, a further 9.6 million shares - generating $65 million, Finance News Network reported.
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The share sale to a number of Australian and New Zealand investors was made by directors and management after they were released from escrow, shortly after CBL’s FY16 results were announced on February 25, 2017.
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