UBS in $200 million Brambles block trade
UBS's institutional desk, run by head of Australian distribution George Kanaan, was in the market on Friday, selling a $200 million block of shares in Brambles.
UBS's institutional desk, run by head of Australian distribution George Kanaan, was in the market on Friday, selling a $200 million block of shares in Brambles.
It's understood 16.6 million shares in the wooden pallet and plastic container pooling company were offered at $12.15 apiece, a 1.3 per cent discount to the last close.
The client-to-client block was the largest institutional trade [not involving a corporate] for two years, sources said.
The market was concerned that the company's bullish long term earnings guidance, which goes out to 2019, would not survive the change in chief executive from Gorman to Graham Chipchase, a former CEO and CFO at Rexam Plc.