Allan Gray Australia, the first significant Fisher & Paykel Appliances shareholder to accept Haier's takeover offer, has continued its buy-up of Pacific Brands.
The fund manager, formerly known as Orbis Investment Management, became a significant shareholder of Pacific Brands – the Australian apparel company with brands including Bonds, Sheridan, Stussy and Mossimo – in August 2011, with 5.01%.
Its stake has increased in increments since May this year.
In a stock exchange disclosure this morning, signed by director Simon Marais, Allan Gray says it bought 10.6 million shares, costing $5.85 million, between October 23 and November 2, at an average price of A55.18 cents.
Allan Gray, its subsidiaries and funds – which include Qantas superannuation plan and Catholic superannuation plan – now hold 84.76 million shares in Pacific Brands, or a 9.28% stake.
In August, Melbourne-based Pacific Brands said its annual loss had widened to $A450.7 million in the 12 months ended June 30, from a $A131.9 million a year earlier. It also announced chief executive Sue Morphet will leave after five years in the job.
Allan Gray was the first major F&P shareholder to enter a lock-up agreement with Haier when it announced its initial $1.20-a-share takeover offer in September.
Chinese whiteware giant Haier will delist Fisher & Paykel Appliances after yesterday reaching the 90% compulsory acquisition mark with its $1.28-a-share takeover.
While Pacific Brands is dual-listed, it trades mostly on the ASX (ASX: PBG), where it last traded for A57 cents.
The shares (NZX: PBG) last traded at 66 cents in New Zealand, 8.3% down on the year's starting point of 72 cents.
The stock traded as high as 89 cents, in February, and as low as 60 cents, in June.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Tim Hunter on why Veritas is doing it the hard way
- Matthew Hooton on whether Steven Joyce will be the next national leader
- Rodney Hide on why all city planners should be fired
- Nevil Gibson discusses his latest Editor's Insight on films
- The NBR crew throw around some of the week's top stories
- Rob Hosking breaks down the political and economic week that was
- "A tragedy" - David Farrar on his disappointment with Simon Bridges
- New F&P product pipeline exciting, says Macquarie senior investment adviser Brad Gordon
- Taupo Motorsport Park executive director Tony Walker on the park's rebranding
- NZIER senior economist Christina Leung on why she does not think the OCR will hit 2%
- NBR's Cameron Officer talks about the NBR Car of the Year 2015
- John Barnett on Brewer: ‘Boy, has he got a bit to learn’