Catcha Group sells down Frontier Digital stake

Sarah Thompson, Anthony Macdonald and Tim Boyd

Jan 19, 2021 – 4.38pm

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Bell Potter's equities desk was in the market with a $69 million block of ASX-listed Frontier Digital shares on Tuesday night, being sold by Patrick Grove's Catcha Group.

Bell Potter's equities desk was in the market with a block trade on Tuesday night. Louise Kennerley

The shares were being offered to funds at $1.50 each, which represented a 16.3 per cent discount to Frontier Digital's five-day VWAP, according to terms in front of funds.

On offer was between 35 million and 45.9 million shares, which represented 10.2 per cent to 13.4 per cent of Frontier Digital's ordinary shares on issue. At the offer price the shares were worth up to $68.9 million.

Funds were told the book was covered at the minimum shortly after the offer opened.

At the conclusion of the sale, Catcha Group would still own between 13.1 per cent and 16.3 per cent of online classifieds business Frontier Digital.

Funds were told that Catcha Group did not have any intention to sell down any more of its Frontier Digital shares in the next 12 months, following Tuesday's sale. The company is trading up 91 per cent in the past 12 months.

Bids into the book were due by 7pm on Tuesday evening.

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