Ann: First quarter update, page-8

From The Oz today......"A further $450m-odd selldown by Apollo Global Management out of Challenger could be the next major block trade to hit the market after Odyssey Investment Partners offloaded its 7.7 per cent interest in AUB in a highly anticipated trade.DataRoom reported on September 16 the market was bracing for the move, which finally happened on Wednesday night, with $277m worth of shares sold through Barrenjoey at $30.70 each, a 1 per cent discount to the final closing price.Odyssey inherited the holding in 2022 when AUB purchased its insurance brokerage business Tyers and paid for the deal partly in scrip.There was a two-year escrow on the stock, which expired this month.But, after Apollo reduced its stake in Challenger last month to 9.9 per cent from 20.1 per cent, making Japan’s MS&AD once again its largest shareholder with about 15 per cent, some suspect there could be a further selldown to come.Challenger’s share price has traded lower since, with concerns the market could be flooded with stock by the selldown.Citi analyst Nigel Pittaway points out the concerns in his research note, saying: “Investors remain understandably concerned that the sale of Apollo’s 10 per cent remaining stake may be imminent (post the December 3 escrow) and this remains an overhang for the Challenger stock