New Zealand insurance company CBL Corporation
(ASX:CBL) has sold 20 million shares, or 8.5% of its issued capital, at AU$3.00 per share.
This is an 11.7% discount compared to yesterday's closing price of AU$3.35. The company says the share sale was made to “increase share market liquidity”.
CBL's Managing Director Peter Harris sold 5 million shares, while Deputy Chairman Alistair Hutchinson sold 5.4 million shares. A further 9.6 million shares were sold by senior management. All up, this will generate NZ$65 million.
CBL sold these shares to a number of Australian and New Zealand investors in a block sale by Directors and Management after recently coming out of escrow.
The directors and management were released from escrow, shortly after announcing CBL’s FY16 results on 25 February 2017.
This morning, CBL shares fell 4.48% to $3.20.
