Hunter Hall’s share price at 30 December 2016, when the company announced Mr Hall’s resignation to the ASX, was at $3.10, and by closing on 3 January 2017 was down to $2.50.
Shortly after the announcement of Mr Hall’s resignation, Washington H. Soul Pattinson and Company Limited (WHSP) announced it intended to purchase a 19.9 per cent stake in the company from Mr Hall, a deal that was agreed to only several hours later.
WHSP has subsequently announced it intends to purchase Mr Hall’s remaining 24.05 per cent controlling stake in the business at $1 a share, which represents a 60 per cent discount to the stocks’ price as at 3 January 2017.
Hunter Hall said an independent board committee would be established to conduct a review of the takeover offer due to “the nature of the transaction and Peter Hall’s direct involvement”.
Mr Hall, who tendered his resignation on 27 December 2016, will continue to serve as the company’s chief investment officer until the conclusion of his 6-month notice period, unless an alternate agreement is made between Mr Hall and the company’s board of directors.
“I am now 56 years old and it is time to spend more time with my family and following my personal interests,” he said.
“I am very proud of Hunter Hall’s achievements over the long-term where in our flagship Value Growth Trust we have turned $1 invested at inception in May 1994 into $16 at the time of our most recent unit prices.”
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