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UniSuper has increased its stake in Transurban Group (ASX:TCL) through a deal which will see the superannuation fund buy out the underwriting obligations of Transurban’s distribution reinvestment plan.
The toll roads operator has issued one of its largest security holders, UniSuper, more than 16 million stapled securities at an issue price of $6.15 per security. UniSuper’s stake in Transurban will now grow by a little over 1 per cent to about 7.2 per cent.
CEO Scott Charlton says the agreement provides certainty on the price at which new securities will be issued.
The proceeds from the issue of securities to UniSuper and the distribution reinvestment plan will be put to partially funding the 95 Express Lanes.
Transurban Group’s net profit fell 50 per cent to $58.6 million in the 2012 financial year.
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