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Apr 30, 2012 (LBT) - UK based Hedge Fund Lionhart Investments Ltd which made a considerable debut in far back 2009 post war booming Sri Lanka with a US $ 7.6 million investment in Environmental Resources Investments PLC (ERI) (GREG) shed its stake in Lankan PC assembler PC House Holdings (PCH), sources familiar with the deal told LBT.
Monday market saw several parcels of PCH changing hands in the blocks of 50,000 and 200,000 and 250,000 whilst two large parcels of 6,367,459 and 7 million shares changed hands at a price range of Rs.6 to Rs.6.20 per share from 10:01:24 a.m. Buyer is believed to be PCH Chairman Saheedul Hijiry Mohamed Rishan according to analysts.
Early September 2011, ERI’s controlling shareholder Lionhart shed 1.5% stake or 4.5 million shares in ERI at Rs. 68 each as well as 5 million warrants at Rs. 32.60 each to PC House for Rs. 469 million. In turn PCH House major shareholder Rishan sold 9.6% stake or 22 million shares in the company to Lionhart at Rs. 22 each in a deal worth Rs. 486 million.
Meanwhile in early February market witnessed PCH Chairman Rishan selling his stake of GREG and its warrants at a loss amounting to Rs.340 million according to market analysts.
Many analysts argue although prestige financial newspaper media reports outlined that time the PCH and Lionhart were in a Win-Win Deal in September 2011 now it has become a Loss-Loss Deal on 2012.
http://lbt.lk/stock-market/deals/1748-loss-loss-game
Monday market saw several parcels of PCH changing hands in the blocks of 50,000 and 200,000 and 250,000 whilst two large parcels of 6,367,459 and 7 million shares changed hands at a price range of Rs.6 to Rs.6.20 per share from 10:01:24 a.m. Buyer is believed to be PCH Chairman Saheedul Hijiry Mohamed Rishan according to analysts.
Early September 2011, ERI’s controlling shareholder Lionhart shed 1.5% stake or 4.5 million shares in ERI at Rs. 68 each as well as 5 million warrants at Rs. 32.60 each to PC House for Rs. 469 million. In turn PCH House major shareholder Rishan sold 9.6% stake or 22 million shares in the company to Lionhart at Rs. 22 each in a deal worth Rs. 486 million.
Meanwhile in early February market witnessed PCH Chairman Rishan selling his stake of GREG and its warrants at a loss amounting to Rs.340 million according to market analysts.
Many analysts argue although prestige financial newspaper media reports outlined that time the PCH and Lionhart were in a Win-Win Deal in September 2011 now it has become a Loss-Loss Deal on 2012.
http://lbt.lk/stock-market/deals/1748-loss-loss-game
