Australia's AVADA Group jumps after report of Regal Funds Management exit

Regal Partners

20/03/2024 01:38

March 20 (Reuters) - Shares of Australia's AVADA Group
Ltd  AVD.AX  rose more than 33% on Wednesday in their biggest
ever intraday gain, after a report said second-largest
shareholder Regal Funds Management had sold its stake in the
traffic management firm.
    AVADA shares climbed as much as 33.3% to A$0.655, hitting
their highest level since Sept. 5, 2023, while the benchmark
S&P/ASX 200 index  .AXJO  was up 0.1%. The stock was up 25.2%,
as of 0112 GMT.
    Regal Funds Management, which is a part of Regal Partners
 RPL.AX  and owns a 15.4% interest in AVADA Group, has sold its
stake to Sydney-based Pacific Equity Partners, the Australian
Financial Review (AFR) reported after markets hours on Tuesday.
    Both AVADA and Regal did not immediately respond to Reuters
requests for comments. 
    Reuters has not verified this story and does not vouch for
its accuracy.
    The stake sale was carried at an issue price of A$0.65 per
share, according to the AFR report, representing a 31.3% premium
to the stock's last close of A$0.495 on Tuesday.
    Pacific Equity Partners also owns Australia's largest
full-services traffic management business Altus Traffic.    
    

 (Reporting by Aaditya Govind Rao in Bengaluru; Editing by
Subhranshu Sahu)
 ((Aaditya.GovindRao@thomsonreuters.com;))