Credit Suisse and UBS are trying to find buyers for 64m shares on Monday evening. There are no details yet on pricing but shares in the satellite communications group closed at 688p.
Harbinger sold half of its Inmarsat holding at 630p a share in October, raising a cool £410m. The sale came shortly after a Harbinger vehicle and Inmarsat signed a co-operation agreement for leasing its spectrum in the US.
Anyway … enough background.
Here’s what was said in October about the remaining 14 per cent holding:
Following this Transaction, the collective shareholding of Harbinger and its affiliated investment funds is reduced to 64,277,349 ordinary shares in Inmarsat, representing approximately 14.0 per cent. of Inmarsat’s issued share capital. This remaining shareholding will be subject to a 180 day lock-up arrangement with Credit Suisse and UBS Investment Bank.
And this evening’s update:
Credit Suisse and UBS Investment Bank have been appointed as Joint Bookrunners with respect to the Transaction and have also consented to the waiver of certain lock-up arrangements which were in place following the sale of 65,000,000 Inmarsat shares by the Harbinger Funds on 5 October 2010.
Moral of the story: shares are only locked-up until everyone agrees they are not locked-up at which point they can be dumped into the market. Investors beware.
As for the reasons behind Harbinger’s sale, we can only speculate.
Related link:
Harbinger Capital cuts Inmarsat stake - FT
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