They offloaded 44.5m shares on 3 June so they must have sold the majority of their stake to UAC given the volumes involved. Hard to understand their decision given they thought IFN was a good buy at ~71cps ($5m+) in February this year.
I don’t know how AEF’s fee structure works but perhaps they were motivated by short term performance outcomes and/or wanted to lock in some performance fees (bonus) this FY given we are approaching year end. That is my cynical take. Alternatively they may have changed their thesis on the investment.
Either way, I’m grateful for them facilitating the bid/re-rate though I think they have left a fair chunk of $ on the table.
IFN Price at posting:
81.5¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)