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.