Q: Announced yesterday that a large holder of WSP is divesting a significant chunk of shares but will still hold a very large position. This is probably rebalancing their portfolio but what impact if any will this have going forward. Price today is down $9.
5i Research Answer:
The sale by CDPQ amounts to roughly 1.6% of shares outstanding and they will still hold 14% of shares after the sale. Shares are down roughly 4% on the news, trading down roughly to the price the shares are being sold at ($242.7). Not much really changes here at the company level with this news.