Mineral Resources sells $328m Pilbara Minerals stake via JPMorgan
Sep 5, 2021 – 4.02pmMinerals Resources has sold its $328 million stake in ASX-listed Pilbara Minerals in a block trade on Sunday.
Minerals Resources sold the 5.4 per cent stake to investment bank JPMorgan, which was seeking institutional investors to buy the stock.
Mineral Resources, run by managing director Chris Ellison, has called time on its investment in Pilbara Minerals. Philip Gostelow
JPMorgan said the block represented 160 million shares and was calling for bids from $2.05 a share.
At $2.05 a share, the trade would be worth $328 million.
At the upper end of the bookbuild - $2.15 - it would be worth $344 million.
The floor price represented a 9.3 per cent discount to the last close.
JPMorgan was calling for bids by 5.30pm on Sunday.
Mineral Resources sells $328m Pilbara Minerals stake via...
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