Gina sells down Fairfax stake

Thursday 5 July 2012

Gina Reinhart has sold 86.5 million shares in Fairfax and reduced her stake to 15%. There seems to be no explanation offered at this point. Perhaps pressuring the share price in her big for greater influence? Or, getting out? Pressured by the Minerals Council to stop departing from message? Perhaps 3d1k can tell us more?

The announcement came after the market had closed. Shares were down 2% on the day but then jumped in after hours trade:

Here’s the Hancock explanation.

c161fb82-c669-11e1-a581-8db5d6b72229_HPPL Statement 05072012

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.