The following has a very interesting twist in the tail.
The SSN was filed by Packer & Co (Wlliam Packer, Managing Director).
Packer & Co is an investment management company and a holder of a financial services provider licence. They are based in Cottesloe in WA.
According to the SSN, Packer & Co holds the shares in its capacity as the responsible entity for the "Packer & Co Investigator Trust".
Trouble is, Packer & Co does not appear to be the same purchaser of the shares as were crossed this afternoon.
According to the SSN, Packer & Co now holds 5.77% of the shares (ie: 50,000,000 in all). Trouble is, the crossed trade this afternoon was for 70.4m (or thereabouts). That's a further 8.3%.
$2,714,850 was paid to acquire the Packer & Co stake, for an average price of 5.4297c. The price paid, therefore, suggests that Packer & Co were the acquirer of this afternoon's crossed parcel, as no other shares (of a similar sizing, or value) have changed hands in recent times. This also suggests that a further SSN will be filed tomorrow.
So, if Packer & Co were actually responsible for today's 74m purchase (X'ed, + some), then why file an incomplete SSN at thi time?
The SSN also shows that Cogent Nominees Pty Ltd is entitled to be registered as the beneficial holder of the shares.
Now, where have I heard that name before?
Cogent Nominees is a widespread shareholder, often in association with other AMP Henderson linked companies.
So, what's with AMP Henderson acquiring a 5.77 through 8.3% stakeholding in PWT via Packer & Co, in its capacity as the responsible entity for the "Packer & Co Investigator Trust", and ultimately for the beneficial entitlement of Cogent Nominees?
And who, apart from Downtown Utilities, was the seller?
PWT Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
