future fund sell down, page-40

ernest1 wrote
Could someone please enlighten me as to why the Future Fund chose now to sell down such a holding i.e. one day before going ex-dividend"


According to what I have read "franking credits are not much value for the fund and they would sell now because the dividend is already in the stock price"
So Thursday, after market close at 4.30pm, UBS rings around and offers TLS shares to the market. By 6.30pm they are oversubscribed so get permission to increase the number of shares offered to 648 million.
Then on friday some fund managers who agreed to buy the Telstra shares sell some other stocks to fund their purchases. As a result the market falls.
Some comments suggest that anyone who wanted Telstra shares has now got them so maybe the shares will trade in a narrow range for the medium term.
Also the future fund will hold off from selling any more for six months as part of the deal.
The future fund would be looking to invest in areas offering growth in the long term.