A copy paste from articleKerry Stokes’ Seven Group Holdings...

A copy paste from article

Kerry Stokes’ Seven Group Holdings appears to have breached the 20 per cent mark at building materials company Boral.

Seven Group Holdings managing director Ryan Stokes. Louise Kennerley

Fund manager sources were pointing to Seven as the buyer behind a 2 per cent block of Boral shares that crossed the market on Thursday morning, courtesy of Credit Suisse’s equities desk.

The 23.5 million shares traded for $5.95 each – which was about a 2 per cent premium to where Boral was trading at the time.

The buyer outlaid $140 million in total for the shares, and if it was Seven, as expected, it would take its stake in Boral to somewhere just shy of the 22 per cent mark.

Seven hasn’t been able to increase its stake in the building materials company since late last year due to creep provisions. However, six months have passed since it last topped up its Boral holding in mid-September 2020, which means its free to buy another 3 per cent.