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$7 Billion Of TPG Shares Out Of Escrow

Shares accounting for 63.8 per cent of TPG-Telecom have come out of escrow this morning, with its largest shareholders now able to sell its stock in the company.

These include former CEO David Teoh, who holds 13.7 per cent, two 11.14 stakes held by Chinese company Hutchison 3G Australia, and Vodafone Oceania, and a 27.82 per cent holding for Vodafone Hutchinson.

Following the 2020 Vodafone Hutchison/TPG merger, each of the above parties were restricted from selling off more than 20 per cent of their holdings within two years.

Of particular interest is former boss David Teoh (above).

Teoh left TPG last March, after thirty years, and sold his maximum-allowed 3 per cent in December, offloading 53.1 million shares for $335 million.

Macquarie analysts sent a note yesterday suggesting that now wouldn’t be the best time to offload TPG shares. It doubts they would seek to sell at a price below $7.70 a share.

The shares are currently trading at $5.92.

“We believe the sale would be a near term headwind but a longer-term positive catalyst for the stock as it increases eligibility for the ASX 100,” the Macquarie analysts said.

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