Australia's Omni Bridgeway hits 1-month high on selling co's stake in fund

Omni Bridgeway

11/05/2023 04:24

** Shares of Australia's Omni Bridgeway Ltd  OBL.AX  rise as
much as 4.2% to A$2.730  
    ** Stock hits highest since April 12  
    ** The litigation financing firm says co has entered into a
term sheet to sell a participation in Fund 1 to Gerchen Capital
Partners for an initial payment of $38 million 
    ** Adds the transaction will result in an estimated net gain
of $20.3 million and the deconsolidation of the fund by OBL     
    
    ** OBL has fallen 27.6% this year, as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))