MFG fell -8.1% yesterday but after taking into account that it traded ex-dividend ~70c (85% franked) it only slipped marginally with much of the damage occurring in the match. However, the main news for MFG came after market with co-founder Chris Mackay selling 12 million shares, of his 15.3 million holding, at $9.40 – the feedback is they were snapped up pretty quickly i.e. very encouraging for the stock with the block offered at only a 3.1% discount to Wednesdays close.
- We believe the sell-down is a positive medium-term although the stock is likely to open down a few percent this morning.
MM is long and bullish toward MFG
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