Business

ANU yet to make good on Metgasco stock sale promise

ONE of Australia's most prestigious universities, which is a top 20 shareholder in coal seam gas company Metgasco, says it is still planning to sell its shares in the company, more than a year after promising to do so.

The Australian National University holds 2.5 million shares in Metgasco.

In October 2011, the university promised to sell the stock, but has since failed to do so.While the stock does not represent any untoward investment behaviour by the university, it has grated on students who oppose the practise of coal seam gas extraction.

The issue has sparked a Freedom of Information application from a university students group called the ANU Environment Collective, which wants to see the stock sold.

A statement from the university released on Thursday said the ANU was still planning to sell down its shareholding in the CSG company, but there were "few potential buyers" of the stock.

This is despite at least one new issue of Metgasco stock since the university promised to sell its shares.

Those stock issues led to the ANU's share in the company being diluted from an original holding of about 1% of the company to its current 0.6% shareholding.

The stock represents a very minor part of the university's overall investment holdings, which are controlled by a rigorous financial committee led by former Australian Competition and Consumer Commission head Graeme Samuel.

Topics:  anu, csg, metgasco, stockmarket




Join the Community.

Get your local news, your way.

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Developers blamed as creek becomes puddle

STAGNANT WATERS: Land owners Joe Llewellyn and John Scott stand in the middle of Bundamba Creek.

Water taken from creek to use on residential development

Teen grinds finger in work accident

Queensland Ambulance Service on scene of an accident.  Photo Brenda Strong / The Observer

Teenager rushed to hospital after losing part of finger

AVEO to invest more than $1billion in Springfield area

Springfield Land Corporation Founder and Chairman Maha Sinnathamby, Queensland Premier Annastacia Palaszczuk and Aveo Group CEO Geoff Grady.

Hundreds of new jobs for emerging city

Latest deals and offers

RACQ releases SE Qld's worst choke points

Paul Turner, RACQ

Paul Turner from RACQ talks about our worst roads at peak time.

British family bashed in Thailand

Family beaten and kicked unconscious by gang in Thailand.

Family beaten and kicked unconscious by gang in Thailand.

Ben Hunt wary of Sharks Halfback

Ben Hunt of the Broncos looks to pass during the round 23 NRL match between the Brisbane Broncos and the St George Illawarra Dragons at Suncorp Stadium.

Ben Hunt talks about Cronulla's Chad Townsend.

Demand for acreage lots pushes up property prices

Property values in Cooroy have increased 25%

Property values jump in Cooroy and Peachester.

How a sacked real estate agent made $725k in four months

Agent is now under investigation by the industry watchdog

RBA warns of future apartment oversupply

Toowoomba: Crest Apartments and Burke & Wills, Ruthven Street ( view from Neil Street) Photo Bev Lacey / The Chronicle

RBA says oversupply of apartments poses risk to household finances