Block TradeThere appears to have been a good block trade at the end of the day.
I didn't see it in real time.
My two systems are giving different numbers.
One shows 1.573 million shares at market close on TSX.
The other shows 2.17 million shares in the last 5 min.
I can't see the price, but it appears to be C$12.24
Given the trading pattern, it also appears to have been driving by a buyer, rather than seller. Looks like someone sold the price down during the day on thin volume, then got the block at a 20-40c premium.
If anyone has the exact details please feel free to share.
Either way, someone spent about $20 million ish on OBE shares in one go today.
If they had $20 million to spend today, they may have more. Moreover, they may also have been buying smaller amounts for sometime, and decided to take this block.
It will be interesting to see what happens next. Is this a fund that just wants a position? If so, how big is the fund, and how much more would they like to position in OBE given that its apparently been approved by their investing committee?
Alternatively, is this the start of a takeover - is someone on their way to crossing the 10% reporting threshold?