There’s a game of whodunnit underway at listed cattle and beef producer Australian Agricultural Company.The company’s piqued the interest of some industrious buyers, who’ve sent daily trading volumes to four times the 90-day average.
What spurred the buying is this: before the market opened on May 9, AAC said it was expecting a $250 million boost to the fair value of its pastoral property, pushing it to $1.17 billion in aggregate at March 31. About 400,000 shares in AAC are traded daily, according to average numbers for the last 90 days. But on Tuesday, more than 1.16 million AAC shares changed hands . Wednesday had trading volumes of another 1.72 million shares.
UBS, Morgan Stanley and Credit Suisse did half of the three sessions’ trading in AAC. Fingers were pointing to two buyers on Wednesday afternoon, but no names were tossed around. One of the two had a West Australian connection, they said.