Hansen Technologies Limited (ASX: HSN) - notes that a block trade of 5,700,000 Hansen shares has been executed by E. L. & C. Baillieu Stockbroking Ltd.
As our Company's majority shareholder the Hansen family is conscious that the tightly held nature of the company's shareholding has limited the availability of freely trading shares in Hansen Technologies. On the advice of E.L. & C. Baillieu the Hansen family has agreed to sell down their shareholding in the company to increase the liquidity of Hansen shares and to introduce a larger spread to the Hansen share register.
Accordingly entities associated with Mr. Kenneth Hansen (Chairman) and Mr. Andrew Hansen (Managing Director & CEO) have offered a combined 5,700,000 shares or 5.5% of their current holding to a broad spread of retail investors. Post the block trade those entities associated with Mr. Kenneth Hansen and Mr. Andrew Hansen will hold a combined 63.2% of Hansen shares.
This action initiated by the Hansen family to improve the liquidity of the company's shares is, in the opinion of the independent Director's of Hansen, a positive action in the interest of all shareholders.
Mr. Andrew Hansen stated "The limited liquidity of our company's shares has, in the opinion of market advisors, constrained activity in Hansen shares. In releasing this tranche of shares to a broader range of investors it is my expectation that we have taken a first step to opening up the market for Hansen shares.
As I stated in our interim dividend announcement, we remain committed to robustly pursuing the growth of our business both organically and through acquisitions. I remain very positive about our future".