Wow - a mega disaster in the making, page-35

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"The contractor's shares tumbled $1.48 to trade at $5.51 at 10.20am AEDT on Friday, their lowest levels in five months and below the price offered to investors in Downer's $1 billion equity raising of $5.95 per share.
The slide comes after institutional investors took up only about 66 per cent of the shares available to them in the equity raising, despite being offered stock at a 20 per cent discount to the contractor's most recent closing share price of $7.42.
The equity raising has been fully underwritten by UBS, which will be left holding any Downer shares that it cannot sell to other institutions as well as retail investors, who will be able to buy shares between March 30 and April 11.

Downers's shares went into a trading halt on Tuesday before announcing a cash takeover bid for Spotless of $1.15 per share.

Hedge funds have been increasing positions in Spotless as the company's board considers the offer.

The Coltrane Master Fund, which lists its address as Grand Cayman and is affiliated with New York-headquartered hedge fund Coltrane Asset Management, has secured an 8.06 per cent position in Spotless via equity swaps.

The New York hedge fund manager controlling the fund, Mandeep Manku, is a former financial analyst at outspoken activist investor Daniel Loeb's Third Point and a former equity proprietary trader at Deutsche Bank in London..
More recently he worked for the outspoken Mr Loeb's Third Point from 2007 to 2012.
Billionaire Mr Loeb is an aggressive activist investor who buys stakes in companies and pressures managers to restructure their operations and balance sheets, such as through asset sales, share buybacks and personnel changes.
Mr Loeb has gone after US companies including Dow Chemical, Yahoo!, Sony and Sotheby's"

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1		23/3/17	Change in substantial holding.
2		23/3/17	Becoming a substantial holder
3		17/3/17	Ceasing to be a substantial holder
4		14/3/17	Appendix 3Y - N Sherry
5		10/3/17	Change in substantial holding

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