In the coming days, publicly traded asset manager Pacific Current Group will be keeping an eye on its share register to see who has aggressively bid for shares
Late Tuesday, Barrenjoey’s desk crossed 2.6 million Pacific Current shares at $8 a share, a premium of 3 percent to the stock’s close on Monday and 8 percent more than last week’s close.
Fund managers assume that this is another institutional investor and not a strategic preparation for a takeover. Though the stock traded at a premium, it didn’t scream “big suitor dying to buy the company.”
We shouldn’t have to wait long to find out. The stake represented 5.1 percent of Pacific Current’s outstanding shares, meaning a major shareholder announcement is due within three days.
As for the seller, only River Capital, Regal Funds, Perpetual Ltd, Paradice IM, and Michael Fitzpatrick owned significant shares, according to Pacific Current’s freshly printed annual report as of Sept. 16.
Paradice has since fallen below the 5 percent mark.
Pacific Current owns interests in boutique wealth managers based in Australia and overseas, including a 4% interest in ASX-listed GQG Partners.