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Whitehaven investor sells $157m worth of stock after BHP win
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Someone on Whitehaven Coal’s register isn’t too happy about the ASX-listed miner cinching a deal to buy BHP’s Daunia and Blackwater coal mines for $US3.5 billion.
Whitehaven CEO Paul Flynn. Dion Georgopoulos
Jefferies’ trading desk sold a parcel of 21 million shares in Whitehaven shortly after market open on Thursday. The trade was worth $157.5 million and represented about 2.5 per cent of the company.
History points to hedge fund Bell Rock Capital as the most likely seller, given its vocal opposition of Whitehaven management’s decision to buy the BHP mines. The deal is being funded out of Whitehaven’s available cash, a $US900 million bridging debt facility and future cashflows.
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