Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
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.