Chorus' shares have taken another dive and fallen almost 7
per cent today as its third biggest shareholder sells down
its stake in the embattled infrastructure company.
BNY Mellon, a US-based investment company with US$1.5
trillion in assets under management, has dropped its holding
in Chorus from 7.45 per cent to 6.3 per cent.
The company's shares, flat in mid-morning trading, are now
down 6.88 per cent to $1.285 each - a new low.
Chorus' share price has tumbled by more than 50 per cent over
the past year and the company fears Commerce Commission cuts
to broadband pricing could hit the its ebitda (earnings
before interest, tax, depreciation and amortisation) by $142
million a year and harm its ability to build the ultra-fast
BNY Mellon is still third largest investor in Chorus,
according to a Bloomberg register.
The largest is Schroders, a British multinational that was
founded in 1804, which has a 9.66 per cent stake.
The second largest is JP Morgan Chase, which has a stake of
8.08 per cent.