Nathan Tinkler has sold about half his stake in Whitehaven Coal to US investment firm Farallon Funds.
The former billionaire sold - through his Aston Resources Investments and Boardwalk Resources Investments - 101 million Whitehaven shares, or 9.91 per cent, to Farallon Funds.
The shares were sold at $2.96 each, according to a statement to the ASX this morning. That's a premium of nearly 40 per cent to yesterday's closing price of $2.11.
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Farallon said in a statement that it "believes the current market price of Whitehaven shares does not reflect the value of the company".
SMH
market manipulators, page-69
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