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The Perpetual Limited (ASX: PPT) share price is trading lower today after the company released its quarterly report for the period ending 30 September. At the time of writing, the Perpetual share price is trading 1.44% lower at $30.08. 

What Perpetual does

Founded in 1885 by Australia’s first prime minister Edmund Barton, Perpetual is a company steeped in history. Today, the diversified financial services company comprises four main businesses. These include Perpetual Investment, Perpetual Private, Corporate Trusts and Group Support Services.

First quarter update

The Perpetual share price is sliding today as the company released its first quarter business update. The drop comes despite Perpetual reporting a small increase in its assets under management (AUM) to $29 billion. This is a result of positive net inflows.

Furthermore, Perpetual’s launch of new funds in Australia is attracting strong interest and early inflows.

Regarding its Corporate Trust Funds, Perpetual’s funds under administration came in at $927.8 billion, down 1% on the last quarter. However, the funds continue to win new businesses, with an improving pipeline in debt market services.

Perpetual remains well-capitalised with increased financial flexibility after raising $275 million of new equity in late August.

What now for the Perpetual share price?

The company’s Barrow Hanley acquisition is on track for completion by 30 November. Perpetual CEO and managing director, Rob Adams, spoke about its integration into the company and the opportunities it presents:

In recognition of the importance of growth outside of Australia from 1H21, Perpetual will introduce a new business segment, ‘Perpetual International Asset Management’ which will include the operations of Trillium and Barrow Hanley and will be led by David Lane, Group Executive International Asset Management, reporting to Rob Adams. The new segment is expected to represent 29% of the group’s operating revenue and between 27-29% of cost base in FY21.

The Perpetual share price is trading 26% lower so far this year and shareholders will be hoping the acquisition can spur the stock back into positive territory.

More reading

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• ASX 200 down 0.1%: CBA’s COVID-19 loan deferrals improve, Link receives takeover approach
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• 5 things to watch on the ASX 200 next week

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Tyro Payments Ltd (ASX: TYR) share price is out of form and sinking notably lower on Tuesday.

In afternoon trade the payments company’s shares are down 6% to $4.04.

Why is the Tyro share price sinking lower today?

The catalyst for today’s weakness in the Tyro share price has been the selling of shares by a major shareholder.

According to a change of substantial shareholder notice, TDM Growth Partners has sold 35 million Tyro shares via a block trade to a range of institutional investors.

The Sydney based investment firm agreed a price of $4.055 per share, which represents a 5.5% discount to the last close price. It also values this parcel of shares at just under $142 million.

No explanation was given for the sale. But with the Tyro share price up over 47% from its December 2019 IPO price of $2.75, it appears as though the investment firm wanted to lock in some of these mouth-watering gains.

In addition to this, TDM Growth Partners has ceased to have a relevant interest in a further ~8.3 million shares. The notice explains that this change reflects an agreement between the investment firm and some of its clients which means that TDM Growth Partners no longer controls those shares.

Following both the sale and the change of relevant interest, TDM Growth Partners is no longer a substantial shareholder. However, its co-founder Hamish Corlett will remain a non-executive director of Tyro Payments.

Mr Corlett has also advised that he did not participate in the sale with any of his own shares. At the last count the director had a direct interest of 181,819 shares and 68,000 options.

Finally, TDM Growth Partners has advised that any remaining shares controlled by the investment firm will not be sold until after its half year results release next year.

More reading

• Why IDP Education, Perseus Mining, Lovisa, & Tyro shares are dropping lower
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Tyro Payments. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The WISR Ltd (ASX: WZR) share price has been a strong performer today following the release of a trading update.

At the time of writing, the neo-lender’s shares are up 4.76% to 22 cents. This compares to the All Ordinaries Index (ASX: XAO) which is down 0.5% at 6,402 points in early afternoon trade.

Q1 FY21 record performance

Wisr reported a record performance for the quarter ending September 30. This was underpinned by a new business model that diversified funding structure and significantly improved margins.

Operating revenue grew to $4.1 million, a 358% increase on the prior corresponding period (pcp) and 37% increase on Q4 FY20. The robust result came from its Wisr Warehouse funding model which has uplifted unit economics and operating benefits.

New loan originations came to $61.9 million, up 47% on the pcp. This represented total loan originations of $306.7 million, with $50 million written under the first quarter.

In addition, Wisr said that its loan book continues to grow with prime credit customers. Just 2.2% of the company’s total portfolio loan balance, $4.6 million, is on a COVID-19 related payment arrangements. This is a 57% reduction compared to the $10.8 million reached in Q4 FY20.

Wisr advised it has a healthy balance sheet of $34.7 million in cash and liquid loan assets.

Making waves

Last month, Wisr launched its second major product into the market, secured vehicle finance. The new addition has already contributed to the accelerated growth achieved in Q1 FY21. It is expected that this will expand Wisr’s loan book originations and revenue for the remaining quarters.

In addition, the fintech is seeing more Australian enter its Wisr ecosystem with over 46,000 profiles created in Q1 FY21. The platform which allows customers to look at lending, credit score and round-up products, now totals just under 300,000 profiles.

What did the CEO say?

Commenting on the positive results, Wisr CEO Anthony Nantes said:

This quarter has seen the company deliver an exceptional set of results. Through the significantly improved unit economics and operational leverage of the Wisr Warehouse, we’ve delivered an outstanding 358% growth in revenue compared to this same period last financial year, combined with record low rates in arrears despite the macroeconomic conditions.

The growth in our loan book and revenue is a direct result of consumers demanding better products and services for their personal finance needs, and the differentiated business model we have delivered. Wisr is in prime position to continue aggressively growing market share with a fairer deal, and a smarter alternative for Australia’s prime credit consumers.

About the Wisr share price

The Wisr share price is up more than 240% since the pandemic hit in March, reaching a low of 6.5 cents. Although higher of late, the Wisr share price is still down 34% from its multi-year high reached in February.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Stockland Corporation Ltd (ASX: SGP) share price has edged down on a mixed Q1 result today. The property group reported its highest quarterly net sales in over three years in residential homes, strong sales in retirement living, and improved rent collections in retail. Yet, Stockland still recorded ongoing problems in rent collection in retail and workplace, or commercial real estate sectors. 

Factors supporting the Stockland share price

The residential sales represent the strongest element of the company’s Q1 performance. There are a multitude of reasons for this including current very low interest rates, the government stimulus, and improved credit availability. The company has also championed the preference for its master-planned communities. 

Sales moderated in August and September nationwide, although still settled above historical averages. In Victoria, trading remained subdued due to Stage 4 COVID-19 restrictions, despite enquiries remaining above pre-coronavirus levels. However, moving forward NSW is likely to continue performing strongly due to undersupply of vacant land. In addition, the company also believes Victoria is likely to see an increase in sales in Q2 FY21 as restrictions ease.

However, there are some constraints. Queensland and West Australia conversion rates are likely to moderate over the near term as some builders have reached capacity to deliver by the HomeBuilder commencement timeframe. While this is an impact on potential revenue generation, it is a better problem to have than collapsing demand.

Given the current residential demand, the company is focussing on restocking inventory with a number of significant opportunities. To clarify, the company is looking for opportunistic land acquisitions to maintain leading market share.

Retail, workplace and logistics

In the company’s retail town centres portfolio, footfall has risen to approximately 97% of pre-COVID levels. Unfortunately, Victoria represents 12% of the retail portfolio by rental income. This is likely to delay full rent recoveries further.

Lastly, logistics and workplace remain strong elements of the company’s portfolio. Logistics has a weighted average lease expiry (WALE) of 5.1 years, with a portfolio occupancy of 96.2%. Meanwhile, workplace, the companies commercial facilities, has a 93.4% occupancy, and a WALE of 2.9 years. 

Stockland is progressing a $3.1 billion future development pipeline in the industrial space. Within the workplace segment, the company is planning a $2.5 billion development pipeline which is progressing in line with expectations. This will increase the weight of these two segments within the company’s overall portfolio. 

Stockland company performance

The Stockland share price is slightly lower today on the mixed Q1 results, down 0.49% at $4.09. However, over the past month ths share price has risen by 12.5%. The company is currently trading at a price to earnings (P/E) ratio of 14.65 and has a trailing 12-month dividend yield of 5.9%.

More reading

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Motley Fool contributor Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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This morning Australia’s leading investment platform provider CommSec released data on the most traded ASX shares on its platform from last week.

While a number of familiar faces have made it into the top five again this week, one surprising new entry was the most traded share on the platform.

Here’s the data:

Douugh Ltd (ASX: DOU)

This neobank was surprisingly the most traded ASX share on the CommSec platform last week. It accounted for 4.9% of trades, with 63% coming from buyers. Douugh is aiming to use an artificial intelligence approach to disrupt the business model of banking. Its shares rose a whopping 228% last week. Things haven’t been so good this week, with the Douugh share price losing a third of its value week to date.

Zip Co Ltd (ASX: Z1P) 

Zip shares were popular with investors again last week and accounted for 4.4% of trades on the CommSec platform. And although 62% of these trades came from buyers, it wasn’t enough to stop the buy now pay later provider’s shares from falling 7.2% over the five days.

Flight Centre Travel Group Ltd (ASX: FLT)

CommSec customers were also busy buying the travel agent’s shares last week. Flight Centre accounted for 2% of trades on the platform, with a massive 77% coming from buyers. Unfortunately, concerns over rising COVID-19 cases globally sparked fears of delays in a travel market recovery and led to a broker downgrade by Credit Suisse. This put pressure on the Flight Centre share price, sending it 9% lower for the week.

Betashares Nasdaq 100 ETF (ASX: NDQ)

This exchange traded fund (ETF) was popular with investors again last week. It accounted for approximately 1.5% of trades on the CommSec platform, with 78% of trades coming from buyers. Investors appear to be loading up on the tech-heavy ETF ahead of earnings season in the United States.

Afterpay Ltd (ASX: APT)

Finally, Afterpay makes the top five once again. The payments company’s shares were involved in 1.5% of trades on the CommSec platform. However, just 34% of these came from buyers. Those sellers may be regretting this one after the Afterpay share price rocketed through the $100 level and to a new record high this morning following a deal with Westpac Banking Corp (ASX: WBC).

More reading

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BETANASDAQ ETF UNITS and ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended BETANASDAQ ETF UNITS and Flight Centre Travel Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Perseus Mining Limited (ASX: PRU) share price is down 4.71% to $1.32 in early afternoon trading. This comes after the company released its September quarter activities report.

Despite falling 43% from 27 February through to 13 March during the wider COVID-19-led market rout, Perseus Mining’s share price is still up 17% year-to-date. That compares the All Ordinaries Index (ASX: XAO), which is down 6%.

Investors who were fortunate enough to buy shares at the 13 March lows will be enjoying a gain of 86% today.

What does Perseus Mining do?

Perseus Mining is an Australian listed West African gold producer.

The company was originally an exploration company when it started in 2004. It acquired the historic Edikan heap leach mine in Ghana in 2006. Following successful exploration outcomes at Edikan, the company evolved from explorer to developer and then gold miner in August 2011.

Today Perseus operates 2 gold mines in West Africa. The company expects the first gold from its third mine, Yaouré, in December this year. It forecasts its gold production will increase to more than 500,000 ounces per year in 2021/2022.

Why is the Perseus Mining share price sliding?

Perseus Mining’s latest activities report offered mixed results in the short term with a more positive mid-term outlook.

On the plus side, the company reported gold production increased 6% from the previous quarter, to 68,772 ounces.

However, it came at a higher cost, with production costs increasing by 2% to US$823 (AU$1,151) per ounce. All in sustaining costs (AISC) hit US$964 per ounce, up 3% over the previous quarter.

Meanwhile, Perseus Mining’s gold sales declined by 23% to 60,441 ounces. This was somewhat balanced out by a 3% increase in the weighted average gold sales price, up to US$1,595 per ounce.

The company also reported a US$16.2 million decrease of its available cash and bullion on hand, down to US$147.4 million as at 30 September. Its corporate debt remains fully drawn to US$150 million, putting the company in a net debt position of US$2.6 million.

Perseus gold production and AISC guidance for the December 2020 half year was unchanged at 125,500 to 139,000 ounces at an AISC of US$940 to $1,025 per ounce.

Looking ahead, the company forecasts continued strong production at Edikan and Sissingué in the December 2020 quarter. Additionally, it stated that Yaouré was now expected “to contribute to the Perseus group’s production performance in this period for the first time”.

After a strong performance so far this year, the Perseus Mining share price is one to keep an eye on.

More reading

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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I just invested in an ASX share for my portfolio for the long-term. I decided to go with listed investment company (LIC) MFF Capital Investments Ltd (ASX: MFF).

What is a LIC?

A LIC operates as a company just like any other operating company. LICs are particularly interesting because their job is to invest in other shares on behalf of investors.

Most LICs don’t have as cheap operating costs as exchange-traded funds (ETFs) because ETFs don’t have the active management element (or fees). But I think some LIC fees are worth it because they can provide outperformance after fees, or perhaps better sustainable income.

There some old LICs that are focused on providing reliable income such as Australian United Investment Company Ltd (ASX: AUI) and Whitefield Limited (ASX: WHF). There are also some LICs that focus on small caps like Naos Emerging Opportunities Company Ltd (ASX: NCC) and WAM Microcap Limited (ASX: WMI).

So, what’s MFF Capital about?

MFF Capital is a ASX share operating as a LIC that targets international shares. It’s being operated by the co-founder of Magellan Financial Group Ltd (ASX: MFG), Chris Mackay.

The investment objective of MFF Capital is to maximise compound risk adjusted after-tax returns identifying and investing in a minimum of 20 shares, focusing on ones that have attractive business characteristics, and buying at a good price.

MFF Capital aims to find businesses with competitive advantages, that earns high returns on invested capital, whether it can keep deploying money at a high rate of return, the scalability of the business, whether technology will impact the company, whether it will benefit from globalisation and if the business has management which are honest, capable and focused on long-term shareholder value.

What shares pass that stringent investment research process? Its largest holdings include Visa, MasterCard, Home Depot, CVS Health, Facebook, Berkshire Hathaway, Microsoft, CK Hutchison, Flutter Entertainment, L’Oreal and JP Morgan Chase. I think this is a high-quality portfolio list.

The ASX share has done very well over the past decade. Indeed, it has been one of the top-performing LICs. According to CMC, MFF Capital has delivered average total shareholder returns (TSR) per annum of 17.5% over the past 10 years.  

Mr Mackay actually owns around $200 million of MFF Capital shares. So that shows he’s very aligned with regular shareholders and he continues to buy shares when he thinks there is value.

Why I bought the ASX share for my portfolio

I think MFF Capital is one of the best LICs and I think Mr Mackay is one of the best fund managers. It actually has much cheaper operating costs than many other actively-managed funds that target international shares. MFF Capital has fixed fees, so as it gets bigger the operating costs as a percentage will be lower. That’s attractive scalability in my opinion.

Mr Mackay recently bought MFF Capital shares at around the current MFF share price, so I think it’s a good time to be buying shares.

MFF Capital still has a sizeable cash position – 28.9% of the portfolio at 30 September 2020 – but it has been investing some of the cash recently. I like the places that MFF Capital has been putting money including a few Japanese shares, Berkshire Hathaway and Flutter Entertainment.

The commitment to steadily grow the dividend is also attractive to me. It’s good to receive some of the investment gains in the form of a rising dividend and benefit from the generated franking credits. Once the annual dividend reaches 10 cents per share, that would represent a grossed-up dividend yield of 5.5% at the current MFF Capital share price. That’s a solid yield in this COVID-19 era of capital preservation by companies. 

More reading

• Is it time to go all in on ASX shares?
• 2 great LICs I’d buy for strong total returns
• This ASX share is my top contrarian play right now
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• 3 ASX shares that I’d invest $1,000 into EVERY month

Motley Fool contributor Tristan Harrison owns shares of Magellan Flagship Fund Ltd and WAM MICRO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The McMillan Shakespeare Limited (ASX: MMS) share price has risen by 3.08% at the time of writing in response to the company’s positive AGM meeting. In contrast to the company’s FY20 report, Q1FY21 has shown signs of improvement. In particular the company has reported that new novated lease sales were up in FY21 despite car sales down by 21%. Moreover, the company reported yield returning to pre COVID-19 levels as the percentage of refinanced leases reduced. 

What’s moving the McMillan share price?

The company provides services in the salary packaging, novated leases, and fleet management sectors. The McMillan share price is on the rise today following the release of the company’s AGM presentation. This included reporting of performance improvements McMillan has been making, particularly around its accelerated digital business transformation. Also, McMillan has now developed a versatile capability for working remotely should lockdown restrictions continue to be enforced longer term.

The digital improvements include a redesign of the Live Chat website functionality, and creation of an online capability for new salary packaging. FY21 technology plans include enhancing salary packaging automation, and the development of new products and services.  

Additionally, McMillan has completed services for approximately 73% of the NDIS rollout. It has also improved the company’s online dashboard to provide same-day reimbursements to customers and next-day payments to service providers. McMillan will be continuing to develop its online self-service capabilities. 

McMillan company performance

Over the past month, the McMillan share price has risen by 8.47% and spiked on 5 October after the company announced it had settled a class action. This related to a company purchased by McMillan in February 2015 and covered a significant period of time during which the company was not owned by McMillan. 

Foolish takeaway

The McMillan share price appears to be building on a growing sense of optimism about the company’s post-COVID prospects. The acceleration of its digital strategy could be seen as laying the foundations for improved productivity. Particularly the focus on self service, interactivity, and the resilience of having a mobile working capacity. The settlement of the long-standing class action against the company also clears this potential risk. 

McMillan has restated its plans to resume dividend payments in FY21. It presently has a trailing 12 month dividend yield of 7.90%.

More reading

• ASX 200 jumps 2.6%, big 4 banks surge

Motley Fool contributor Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) was sold off this afternoon following broad weakness across all market sectors except for tech stocks. Today, many ASX200 shares in the consumer discretionary sector have received broker upgrades following an anticipated improvement in earnings and benefits from the federal government budget. 

ASX200 stocks with share price upgrades

1. Beacon Lighting Group Ltd (ASX: BLX) 

Citi has raised the Beacon Lighting Group share price target from $1.50 to $1.80 and retains a buy rating. It predicts that the short term tailwinds from government fiscal stimulus could turn into even longer term gains as spending patterns continue to shift. 

Last week, Beacon provided the market with a trading update for the first quarter of FY21 which saw sales increase 24.3%, online sales increase 156% and Q1 underlying NPAT increasing to $8.4 million from $2.2 million. 

2. GUD Holdings Ltd (ASX: GUD) 

Goldman Sachs has raised the GUD share price target from $14.20 to $14.75 and retains a buy rating. It also upgrades revenue growth forecasts in FY21 by 3.9% due to strong performance in the September quarter. 

In GUD’s trading update last week, the business has been experiencing strong sales performance across both auto and water divisions with Q1 sales growing 14% over pcp. This has been driven by the Australian business buoyed by favourable agricultural conditions and rural demand which has more than offset lower demand to tourism dependent export markets. 

3. Michael Hill International Ltd (ASX:MHJ) 

Citi raised the Michael Hill International share price target from $0.33 to $0.50 and retains a neutral rating. The broker is impressed with the jewellery retailer’s quarterly sales update but remains concerned about its long term growth prospects. 

4. Qantas Airways Limited (ASX: QAN)

Macquarie raises the Qantas Airways share price target from $4.25 to $4.95 and retains its outperform rating. It anticipates that the broad travel and domestic tourism recovery could surprise to the upside when borders re-open. 

5. Woolworths Ltd (ASX: WOW)

UBS raises the Woolworths share price target from $43.50 to $44.00 and retains its buy rating. It sees current prices as offering significant value-based opportunity. This also coincides with a general lift in both business and consumer confidence in the supermarket giant which are at its highest levels since May.

More reading

• Brokers believe these record high ASX stocks can run higher
• Leading brokers name 3 ASX shares to buy today
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• ASX 200 Weekly Wrap: Promises of easy money push ASX 200 to post-crash high
• Is it time to go all in on ASX shares?

Motley Fool contributor Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Woolworths Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is dropping lower. At the time of writing, the benchmark index is down 0.25% to 6,213.3 points.

Fours shares that are falling more than most today are listed below. Here’s why they are dropping lower:

IDP Education Ltd (ASX: IEL)

The IDP Education share price is down 5.5% to $18.90. This follows the release of the language testing and student placement company’s annual general meeting update this morning. That update revealed that student mobility and placements volumes were down 22% in the first quarter compared with the prior corresponding period. This is due to COVID-19 impacts on the sector.

Perseus Mining Limited (ASX: PRU)

The Perseus Mining share price has dropped 4.5% to $1.32. This morning the gold miner released its first quarter update. Perseus reported a 6% increase in gold production to 68,772 ounces. However, production costs rose 2% to US$823 per ounce and its all-in sustaining cost increased 3% to US$964 per ounce. Also of note was a 23% decline in gold sales volumes to 60,441 ounces. The miner achieved these sales with a weighted average gold price of US$1,595 per ounce.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is down almost 2% to $8.55 following the release of a trading update. While that update revealed an improvement in its comparable store sales, they are still down notably in FY 2021. For the first 16 weeks of the financial year, Lovisa’s global comparable store sales are down 10.2% on the prior corresponding period. The company also revealed that it has opened 14 net new stores this financial year despite the pandemic.

Tyro Payments Ltd (ASX: TYR)

The Tyro Payments share price has tumbled 5% lower to $4.08. This payments company’s shares have come under pressure today after one of its major shareholders sold-down its stake. TDM Growth Partners agreed to sell 35 million shares for $4.055 per share via block trade to institutional investors. 

More reading

• ASX 200 down 0.2%: Afterpay rockets on Westpac deal, Zip climbs, BHP’s Q1 update
• Why the Lovisa (ASX:LOV) share price is dropping lower today
• IDP Education Ltd (ASX: IEL) share price weakens after AGM
• Why Dicker Data, South32, Tyro, and Uniti shares are pushing higher today
• 4 ASX shares to buy for a rare Christmas surprise

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Idp Education Pty Ltd and Tyro Payments. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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