Pacific shareholder trades $50m stake

Power generation company Pacific Energy’s second-largest shareholder has sold its $50 million stake in the business to a number of undisclosed investors.

After the market closed yesterday, Perth-based Pacific announced Pacific Road Capital had completed the sale of its 23 per cent stake in the company to a range of institutional and professional investors.

“The company understands that the tranche of shares was strongly bid for by a number of well-regarded and well respected institutional and professional investors, and welcomes these shareholders to the share register,” Pacific said.

“This block trade substantially increases the free float of Pacific shares and represents a step towards improving trading liquidity.”

Following the announcement, PRC representative Louis Rozman resigned from Pacific’s board, along with alternate director Greg Dick.

“The board wishes to thank Mr Rozman and Mr Dick for their invaluable contributions to the growth of the company since joining the board in 2009,” Pacific said.

Hartleys facilitated the block trade of shares for PRC.

Pacific shares closed 4 per cent lower to 60 cents each.