Whitehaven Coal (ASX: WHC) shareholder Nathan Tinkler has reduced his stake in the company, following Farallon Capital Management L.L.C. acquiring 9.91% of the issued shares in Whitehaven from entities associated with Tinkler.
The 9.91% is around 101.6 million shares, and with an average sale of $2.96 (a 40% premium on yesterday's closing price) - Tinkler will reap around $300 million.
Farallon has also agreed to purchase an additional 1.63% from ASM Equities Fund, and as a result will become the largest shareholder in Whitehaven.
Farallon has also advised Whitehaven that the balance of Tinkler shares have been sold to other members of the Tinkler lending syndicate. Consequently, the majority of the Tinkler shares have been acquired by existing long term Whitehaven shareholders.
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