A secret 5.84 per cent stake in the tightest takeover in a decade, not mentioned for months in the lead-up and only disclosed two weeks out from Origin Energy’s all-important scheme vote. How could that happen?
So whenever First Sentier thinks about holdings in its active Australian equities or passive strategies, it also has to think about MUFG’s other interests, and pertinently’s Morgan Stanley’s.It turns out the bulk of the First Sentier disclosed stake – like 4.99 per cent – is actually on Morgan Stanley’s books, likely on swap for a client or clients.
The proxy reports will be influential – but likely not enough on their own to swing the vote. The balance of power rests with a handful of institutional investors, including Perpetual, and Origin’s 120,000-odd retail shareholders. There are about 115,000 Origin shareholders with $100,000 of shares or less.. It has promised to vote its 259 million shares or 15.03 per cent stake against the transaction.
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