COLONIAL'S Martin Littler was a big supporter of ConnectEast's $309m institutional capital raising this week and has moved from 1.5 to 5.1 per cent of the company now worth almost $1bn.
Littler and his comrades who paid 33c a share for the new paper are already ahead with stock at 39c yesterday.
Suffice to say, ConnectEast chair Tony Shepherd was happy with the renounceable offer, which yielded $5m in extra value for renouncing shareholders. Renunciations totalled $47m, the clearing price for the bookbuild ended at 36c, which was a 10.6 per cent premium to the 33c offer price.
CEU Price at posting:
39.0¢ Sentiment: Hold Disclosure: Held
