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A block of Fortescue (ASX:FMG) shares valued at as much as A$1.9 billion ($1.3 billion) hit the market on Monday night as an institutional investor sought to sell down their stake.
The shares of the iron ore miner, founded by billionaire and Chairman Andrew Forrest, are being offered at a variable price range of A$18.55 to A$19.10 per share, according to terms of the deal obtained by Bloomberg News. That represents a discount of 8.8% to 6.1% to Monday’s close of A$20.35.
The trade represents about 100 million shares, representing around 3.2% of securities on issue, according to the terms. Only four shareholders, including Capital Group Cos. and Forrest, have stakes of 3% or more in Fortescue, according to data compiled by Bloomberg. Capital Group sold down some of its stake in June.
Shares of the Perth-based miner have tumbled 30% so far this year. Earlier this month, Fortescue announced it was scaling back plans to transform into a green hydrogen heavyweight, blaming high energy prices for a setback that has prompted an overhaul of the group and 700 job cuts.
JPMorgan Chase & Co. is the sole bookrunner for the latest sale.
(By Georgina McKay and Paul-Alain Hunt)
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