Wesptac has announced the sale of 27 million shares in BTIM following the closure of the retail offer.

The retail offer of BT Investment Management (BTIM) shares, which opened on June 22 and closed July 10, was oversubscribed at $8.20 per BTIM share.

The offer followed Westpac’s announcement on June 16 of its intention to sell part of its shareholding in BTIM.

The partial sale included a retail offer to eligible Westpac and BTIM shareholders of 27 million BTIM shares.

Given the demand for the offer, some applicants will be scaled back in line with the approach outlined in the prospectus. As a result, investors who applied for 600 shares will receive their full allocation. Investors who applied for 1200 shares will receive 1109 shares. BTIM Shares will be transferred to successful applicants today and holding statements are expected to be dispatched on or around Monday.

Following completion of the retail offer, Westpac’s ownership of BTIM will reduce to approximately 31 per cent.