Thanks R21, that explains the price action. I found this information.
"Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has offloaded a $363 million stake in Oil Search.Bankers have been pitching to sell a stake in listed oil and gas giant Oil Search for some time. Michele MossopInvestment bank Citigroup bought the stake and was in the market on Tuesday night offloading the block of 94 million shares – or 4.5 per cent of the company – to institutional investors.The shares were being offered to funds at $3.865 each, which represented a 1.4 per cent discount to Oil Search’s $3.92 last close.Bids into the offer were due by 7.30pm on Tuesday night, according to terms in front of potential investors.Banks have been pitching Mubadala for the right to sell its stake in the ASX 100 giant for the past couple of weeks, as revealed by this column on Sunday afternoon. The bankers reckoned the time was right for Mubadala to offload its shares on the back of rising oil prices and the wealth fund’s apparent waning interest in Oil Search in the past year or so.In April last year Mubadala declined to tip into Oil Search’s $US700 million placement and entitlement offer, diluting its 12.9 per cent holding to 9.46 per cent. Tuesday’s sale will now take Mubadala below the 5 per cent substantial shareholder line.The sovereign wealth fund had to move this week to sell the shares due to its executive director Dr Al Katheeri sitting on Oil Search’s board, which would restrict it soon put it in a trading blackout ahead of the company’s results."
OSH Price at posting:
$3.92 Sentiment: Buy Disclosure: Held
