It looks like SGP have a sub holding over GPT by way of an equity swap with an 'Investment Bank' (read Deutsche Bank). I would say from this DB are also the house broker for SGP.
Have you noticed the large crossings going through?
The purchase of large amounts which are then crossed out is very Deutsche Bank as we saw from the months of work they did for Orbis on CER. It wouldn't surprise me one bit if DB weren't taking advantage of this depressed GPT SP for Stockland, either directly or through another swap.
It doesn't necessarily suggest a move by SGP on GPT, it might just be an opportunistic increase in their holding.
Watch for the increase in sub holder notice as confirmation or rejection of this. Although with 4.5bn securities on issue, it's going to take a few days...
Add to My Watchlist
What is My Watchlist?
