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Moelis Australia trustee sells 5 million shares

A Moelis Australia Ltd. trustee that holds shares on behalf of the company's executives sold 5 million ordinary shares, the company said.

The transaction represents less than 8% of the total value of Moelis Australia executives' investment in the company prior to the sale and about 3% of the company's fully diluted total share count.

Proceeds from the sale will be used to diversify investments and meet tax obligations. Further, the divestment is expected to improve the liquidity of trading in Moelis Australia's shares.