IOOF sells 6m Oliver’s shares for $260k – four months after buying them for $680k
But the company’s second largest holder, IOOF (ASX: IFL), has sold 6 million shares, receiving $262,551.60.
Only four months earlier, IOOF bought 13 million shares in an 11 cent placement, through one of their funds co-operated with Perennial. The stake sold last Friday would have cost almost $680,000, representing a 62% loss.
IOOF first bought shares in Oliver’s in May 2018 and topped up its holdings monthly, reaching 23 million in October. Then in November it made its most recent purchase – at 11 cents.
But in the new year, Oliver’s shares have plunged and now sit at 3 cents.
Last Friday, IOOF decided to sell a chunk of its Oliver’s shares. It still holds 12.5% of Oliver’s and is the second largest shareholder. The largest is New Zealand not-for profit fund Haurauki Trust who hold over 17%.
IOOF is down 10.53% since its ill-fated investment although it has recovered somewhat since its early December plunge – sparked by revealing APRA wanted to disqualify five of its executives.