Singapore cuts Glenveagh stake as Swiss hedge fund nears 19%

4 days ago 19

One of the main backers of Glenveagh Properties’ archetypal nationalist offering successful 2017, Singaporean sovereign wealthiness money GIC, has chopped its involvement successful the housebuilder by a 3rd successful caller weeks, conscionable arsenic a Swiss activistic hedge money continued to physique up its holding.

GIC sold 17.3 cardinal shares successful Glenveagh past Friday, reducing its holding to 6.3 per cent, according to a banal marketplace disclosure issued connected Tuesday. This followed the merchantability of astir 4.4 cardinal shares 2 weeks ago.

The wealthiness fund’s stock selling took spot astatine a clip erstwhile Teleios Capital Partners, a hedge money based successful Zug successful Switzerland, was actively buying Glenveagh stock, and the housebuilder itself has been proceeding with a stock buyback programme.

Teleios present owns 18.6 per cent of Glenveagh, up from 16 per cent astatine extremity of past year. The steadfast archetypal announced its accomplishment connected the Irish company’s shareholder registry successful aboriginal March arsenic its involvement breached the 3 per cent threshold wherever it is required to disclose a holding.

GIC snapped up a 10 per cent involvement successful Glenveagh astatine the clip of its IPO successful October 2017, paying €63 cardinal for shares sold astatine €1 each. However, the mean terms of the banal during the play successful which it was selling this period was 93 cents, 7 per cent beneath the terms that GIC paid for shares.

Spokesmen for Glenveagh, which is led by main enforcement Stephen Garvey, and Teleios declined to comment, portion attempts to unafraid remark from GIC were unsuccessful.

Glenveagh, 1 of the worst performing stocks connected the Iseq 20 past twelvemonth arsenic it mislaid adjacent to a 3rd of its value, saw its shares wobble afresh astatine the commencement of this period erstwhile the institution chopped its forecast for suburban location completions for 2023 by a 5th – citing “near-term gridlock” successful the readying system. It came astatine a clip erstwhile proviso is continuing to autumn good abbreviated of request successful the State.

However, the banal has subsequently rallied, leaving it up much than 9 per cent truthful acold this year, successful enactment with rival Cairn Homes, which issued a much affirmative update trading connection connected January 9th.

Irish location terms ostentation eased backmost to an yearly complaint of 8.6 per cent successful November from 9.7 per cent for the erstwhile period and levels of implicit 13 per cent earlier successful 2022, according to information released by the Central Statistics Office past week.

The stated concern benignant of Europe-focused Teleios, which was founded a decennary ago, is to question to amended the worth of companies successful which it has stakes done “constructive engagement” with management. However, it has besides been known connected juncture to publically aerial grievances with the enactment of companies successful which it has invested.

In caller years this has included the boards of German spot lender Aareal Bank, which was taken power of past twelvemonth by US backstage equity firms Advent and Centerbridge, French furnishings and location decor institution Maisons Du Monde, and French mailing instrumentality shaper Quadient.

Read Entire Article