Superloop seller drops 4pc stake through UBS

UBS’s equities desk resumed one of the more interesting trades on Monday, in an otherwise quiet session.

The broker managed a line of 20 million Superloop shares at the end of the day, representing a stake of around 4% in the telecommunications infrastructure company.

Networks company Superloop has a 10% buyout in the market that has been active for the past few days. Dominique Lorrimer

The stock changed hands at 73¢ a share, on a day when Superloop stock started at 76¢ and ended at 79.5¢.

Given the discount, it is fair to assume that the trade was seller-led. There are only a handful of Superloop shareholders with this batch of shares: former chairman Bevan Slattery and fund managers Regal Funds, Renaissance Smaller Companies, BlackRock and Perennial Value, among them.

Fingers were pointing to Slattery as the most likely seller, given broker choice and timing. They believe the closely watched entrepreneur was selling his stake to raise capital for other projects.

The sale came as Superloop repurchased shares through Canaccord Genuity, which has helped support its share price over the past month in particular.

Superloop had repurchased about 6 million shares in its market buyout which began July 4 and was targeting up to 48.7 million shares, or 10% of the company’s issued capital.