Most probably Downtown Utilities quitting 8.3% of their stake.
My earlier post on this (much more detailed) failed due to system and site difficulties and could not be retrieved. A really SH**T day for all things IT, internet enabled, broadband based, or telephony centred.
Suffice for it to be said, the only SSN (substantial shareholders) are: 1) WilTel (subject to the TVG arrangements, therefore, unlikely to have sold) - >33%; 2) Downtown Utilities (not subject to the TVG arrangements, therefore, likely to have sold) - >33%, reducing to ~26%; 3) National Nominees - ~6%, but no recently filed SSNs suggesting any increase on that stake and, therefore, unable to be responsible for the sale of an 8.3% stake; 4) Perpeutal - ~3.5% stake, below the SSN threshold and well below the amount of shares traded; 5) Roslyndale - unlikely, as their stake merely mirrored the WilTel stake (ie: for compliance, governance and disclosure reasons).
Whoever sold simply hit the market in force and sold at market, driving the price down from 6.9 to 5.4 in 3 minutes, in ~20 sequential sales.
More interesting though is who bought the 70.4m shares traded in a single block. Whoever did is unlikely to have been a bidder for PWT, but more likely a greenmailer.
Certainly, the purchaser was not TVG. Otherwise, yet another supplementary target statement would be required, raising the bid price to 5.4c (up from 3.8c). This, however, is unlikely given the effective control resting with the 2 major (albeit, reluctant) shareholders.
PWT Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
