BC Iron has had a change on the register with Ukrainian-controlled Consolidated Minerals selling its 23 per cent stake. Despite the holding being sold at a discount to yesterday’s closing price, it is a positive for the miner.
A more diverse shareholder base will help BC Iron’s liquidity, which sees a million or less shares of the 123 million on issue traded.
The stake was sold at $3.90, a 4.9 per cent discount to yesterday’s closing price, down from the all-time high of $4.50 reached on Monday.
Macquarie, who helped place the stake, is bullish on the stock with a $4.50 price target.
ASX Quarterly Index Review
The ASX Quarterly index review is announced today, with the last trading opportunity on September 20. As index funds and fund managers look to reweight, we can expect increased trading across those hovering around the index cut-off point.
Possible additions to the ASX 200 Index include Cromwell Property, STW Communications, Virtus Heal and Sky Network Television.
Those that look like they will fall out of the preferred benchmark index include Discovery Metals, Decmil, Billabong and Oceana Gold.