Pinned straw:
Pamela Wall, the billionaire philanthropist behind $8 billion engineering giant Codan, is taking some money off the table.
Canaccord Genuity was putting together a block trade overnight – valued at around $300 million – on behalf of the family that owns about 18 per cent of Codan, people involved in the transaction said on condition of anonymity given the sensitive nature of the sale.
The stake was owned by co-founder Ian Wall, who set up the company in 1959 with two friends, Jim Bettison and Alastair Wood. It’s now controlled by his 93-year-old widow, Pamela, who will retain around $1.2 billion in Codan shares after the sell-down.
While the numbers were still moving around as of Monday night, it is understood shares were being offered at about $39 apiece, an 11 per cent discount to the last close of $43.92.
It comes a week after Codan handed down a bullish trading update for the 2026 financial year, forecasting $235 million in earnings before interest and tax and $170 million in net profit after tax. Its share price ended the day around 15 per cent higher.
Codan said that its DTC unit was on track to achieve revenue growth at the top end of the 15 per cent to 20 per cent range for the 2026 financial year. Minelab revenue was also tracking ahead thanks to “a favourable gold price and recent successful product releases.”
Held IRL (6.6%) SM (31%)
Well done to all who have continued to hold. I remember finding this stock thanks to @Bear77 back for around $6 a pop. I thought I was a genius selling it for $13. I take solace knowing that I left some on the table for the next person and at least made a profit. What a fantastic company to have climbed up to where it is now. Their guidance numbers are spot on worst case scenario (never too high) and plan for the future - I recall back in 2020 they had bought a massive surplus of stock before logistic issues and prices rose. I'd consider jumping back in if I wasn't building my first home that cost me all my vital organs and limbs. Congratulations again.