Washington H Soul Pattinson - Flows, Valuations, and Next Steps
The two oldest listed investment companies in Australia - Washington H. Soul Pattinson and Co. Ltd (SOL AU) ("WHSP") and Milton Corp Ltd (MLT AU) - decided in late Q2 to merge, and then they merged in Q3, with Milton shares delisting about a month ago and the deal becoming effective on 5 October - about two weeks ago.
That was accompanied by one major index change, which caused the stock to go up as those pre-positioning pushed WHSP shares higher, then down, and all the index inclusion volume traded below A$36/share, then they went back up in a post-inclusion squeeze, then they have slowly come back down in lower volume.
There are, of course, more events to come.
And there have been other interesting developments too. And those are worth looking at.
More below the fold.
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