Australian fund manager L1 Capital cashes in Chorus shares

Fri, 24 Jul 2015

By Paul McBeth July 24 (BusinessDesk) - Australian fund manager L1 Capital has cashed up its stake in local telecommunications network operator Chorus, booking a 34 percent gain over the past year. The Melbourne-based firm sold 7.9 million shares for A$19.7 million on July 22, an average price of about A$2.48 per share, and reducing its stake in the dual-listed Chorus to about 3 percent, which is below the 5 percent threshold that makes it a substantial shareholder, according to a notice filed with the stock exchange. L1 bought 6.4 millio...

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