Commonwealth Bank of Australia is the first overseas investor to disclose a substantial holding in units of the Fonterra Shareholders' Fund that debuted a week ago.
Funds associated with Australia's biggest lender hold 7.4% of the units, according to a substantial security notice yesterday. The funds bought 6.6 million units at a grand total of some $A31 million on November 30, or $NZ39 million at that day's exchange rate.
Those units are now worth about $NZ47 million at yesterday's closing price for the units of $6.69 on the NZX. The units have climbed about 22% from the initial public offering price of $5.50.
Other foreign investors may have to disclose their holdings above 5%. At least 42% of the units were sold overseas in the IPO.
Since trading began last Friday some 13 million of the units have changed hands, according to NZX data. Trading among farmers in the closed market of the NZX has been subdued by comparison, with just 40,728 changing hands.
More than 2500 members of what Fonterra called the "Fonterra Family" and about 7000 retail and institutional investors took up the units in the IPO.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Niall Ferguson rips into the TPP - and Trade Minister Todd McClay responds
- Why China is key to Vista's growth: CEO Murray Holdaway
- In his Editor’s Insight, Nevil Gibson examines the role of controversial biotech crops in an industry mega-takeover
- NBR's Rob Hosking "the election campaign has started"
- Publisher Philip Macalister discusses the increasing importance of mortgage brokers to banks