Australian outdoor advertising company oOh!media has lost one of its anchor investors, US-based HMI Capital.
The American fund manager HMI, which helped recapitalise the group two years ago, was selling its 10.7 per cent oOh!media stake on Wednesday night in a block trade via Credit Suisse’s equities desk.The broker was seeking buyers for HMI’s 63.9 million shares at $1.56 a share, which was a 6.9 per cent discount to the last close.Credit Suisse was calling for bids by 6.30pm.Friedman founder Warren Hellman, who has also been on oOh!media’s board for the past two years.
HMI invested in oOh!media in March 2017 and stepped up three years later, as the Australian media groupat the height of the market hysteria around COVID-19. HMI owned close to 20 per cent of oOh!media, before selling part of its stake in a block trade last year.