The sale by ethical investor pioneer Peter Hall of his stake in Hunter Hall has sent shares in the managed fund on a steep slide.
A short time ago, Hunter Hall International was down 30% to $2.15.
The high profile funds manager last week gave notice as chief investment officer and then said he was selling his 43% stake to ASX-listed investment house Washington H. Soul Pattinson at $1 a share.
The $1 a share Peter Hall accepted is less than one-third of last week’s price of $3.10. Friday’s closing price valued the company at $84.6 million, the offer at just $27.3 million.
Washington H. Soul Pattinson is making a cash takeover bid at $1 a share for the rest of the company. Hall’s acceptance will make Soul Patterson the biggest shareholder.
Hall, who started Hunter Hall 22 years ago, says he’s now 56 years old and wants to to spend more time with his family and pursue “personal interests”.