Capstone Copper’s investor launches $454 million block trade

Hadrian Capital Partners is selling down an A$688 million ($454.1 million) dollar stake in dual-listed Capstone Copper on Thursday, according to a term sheet seen by Reuters.

The investor is selling 50 million ASX Chess Depository Interests (CDI) in the company at A$13.75 each, the term sheet said.

The price is a 6.7% discount to Capstone’s Australian closing price of A$14.74 on Thursday.

Citigroup and Macquarie Capital are handling the trade, according to the term sheet.

Capstone Copper did not immediately respond to a request for comment from Reuters. Hadrian Capital Partners could not be reached outside US business hours.

The share sale represents 6.6% of Capstone Copper’s total shares on issue, the term sheet said, and Hadrian Capital Partners will retain a 6.7% stake in the business.

Hadrian Capital Partners does not intend to sell further Capstone Copper shares in the near future, the term sheet said.

($1 = 1.5152 Australian dollars)

(By Scott Murdoch; Editing by Muralikumar Anantharaman amd Sonia Cheema)