Bank of America reduces holding in Gunns to 8.99% from 10.02% after company shares, relisted on Sept. 19, dip by 12%

LOS ANGELES , September 27, 2011 () – Bank of America has reduced its holding in Australian forest company Gunns Ltd. to 8.99% from 10.02%, The Mercury reported Sept. 22.

After a six-week suspension, Gunns’ shares were relisted on Sept. 19 but their price had fallen by 12% to AU$0.18 (US$0.175) per share.

Perpetual Trustees Australia and Invesco Australia have also decreased their holdings--Perpetual to 11.82% from 12.99% and Invesco to 6.21% from 7.52%.

The primary source of this article is The Mercury, Hobart, Australia, on Sept. 22, 2011.

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