In a massive overnight trade, Alberta Investment Management sold its entire 56 million share holding of drilling giant Precision Drilling. The trade swapped over $530 million of equity. The stock is down 9% on the day.
From today’s Precision Drilling press release:
Today, Alberta Investment Management Company (“AIMCo”) sold its entire equity position in Precision Drilling Corporation (PD.TO) (PDS), approximately 56 million shares, in an overnight marketed transaction. AIMCo acted independently of Precision in both its decision to exit its position and the facilitation of the overnight marketed transaction.