Paladin Energy’s PE backer taps out in $47m block trade; JPM on ticket
afr.comJPMorgan’s equity desk traded a $47m block of uranium developer Paladin Energy’s shares before market open on Wednesday, as China-focused private equity investor HOPU Clean Energy (Singapore) Pte Ltd pressed sell.
Uranium is the fuel for nuclear reactors, but also used for medical and industrial isotope production. Glenn Campbell
The shares were sold at 87¢ apiece, or 5.4 per cent discount to Paladin’s last close. Fund managers were told it was a cleanup trade on behalf of a non-institutional investor who had been selling down. It represented just under 2 per cent of the company.
The size of the trade matched exactly with HOPU’s holding of about 54 million shares or 1.8 per cent of the company.
HOPU is checking out after an eight-year stay on Paladin’s register. It bought a 15 per cent stake at 42¢ a share during a November 2014 recapitalisation.
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