Speedcast boardroom all at Portsea
Aug 28, 2019 — 5.29pmThere's a thorn in Speedcast International's side - and it's one with a bigger interest in the company than anyone el
It is understood UK fund manager Portsea Asset Management has been shaking the trees at Speedcast and can lay some claim to a few of the changes blowing through the satellite owner.
It is understood the fund manager was working to get support from other investors, before calling a shareholder meeting to make the changes happen.
Portsea would've had a good chance of getting the numbers. It is the company's biggest shareholder with a 14.2 per cent stake - and there are known to be plenty of miffed investors with the stock down more than 80 per cent in the past year.
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SDASpeedcast International
$0.760.00View SDA related articlesAug 18Dec 18Apr 19Aug 191.002.003.004.005.00Updated: Aug 29, 2019 — 6.51pm. Data is 20 mins delayed.The move comes only three months after Portsea stormed on to Speedcast's share register when it picked up 34.1 million shares at an average price of $3.61 each.
In reality, it looks like the firm may have had a stake in Speedcast for some time longer - albeit on swap with UBS. The way substantial shareholder notices fell, broker UBS' 13.9 per cent stake disappeared on the same day that Portsea took its 14.2 per cent.
Speedcast shares dropped another 31.4 per cent to 78¢ on Wednesday.
