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Downer EDI pleased as ERG quits its stake.
Australasian Business Intelligence, July, 2002
Jul 09, 2002 (The West Australian
ABIX via COMTEX) -- It is understood that 27 million Downer EDI shares sold by UBS Warburg on 9 July 2002 were owned by Western Australia-based ERG. Geoff Bruce, Downer EDI's company secretary, said he believed that most of the 27 million shares sold were ERG's. Bruce said the sale was a positive move for Downer EDI. ERG is registered as owning 22.2 million Downer EDI shares, plus an addition 2.2 million gained on 1 July 2002. Broking house UBS Warburg traded the shares at $A0.663 each. It is yet to seen how the sale of ERG's stake in Downer EDI will affect litigation between the two companies. Downer EDI shares gained $A0.04 to close at $A0.69 and ERG stock closed $A0.05 higher at $A0.29 on 9 July 2002.
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