Hill family increases stake in Michael Hill International

Sir Michael Hill’s family have increased their majority-stake in the jewellery company he founded, by almost 3%.

Now, Durante Holdings – the intvestment vehicle for interests associated with Sir Michael – holds 52.94% of shares in Michael Hill International (MHI)

Durante paid $10.9 million for an on-market acquisition of close to 10.2 million MHI shares over the last two days.

Michael Hill shares are trading at $1.02 today, having reached an intra-day, and year, high of $1.07.

Durante launched a partial takeover of MHI in January last year, offering 90c a share for 10.03 million MHI shares, increasing its stake to 50.2% from 47.63%.

The offer was declared unconditional on February 28, 2011.

But MHI says it made an “administrative oversight” in not filing a substantial security holder notice to the NZX on completion of the takeover.

In a statement to the NZX today, the retailer says market announcements relating to completion of the takeover, as required under the Takeovers Code, were made.

“At all relevant times, the market was fully informed about the nature and extent of Durante’s control of MHI,” the statement says.
 

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7850 0.0000 0.00%
AUD 0.8924 0.0000 0.00%
EUR 0.6196 0.0000 0.00%
GBP 0.4880 0.0000 0.00%
HKD 6.0917 0.0000 0.00%
JPY 84.8970 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1231.3 -0.710 2014-10-24T00:
Oil Brent 86.1 -0.510 2014-10-24T00:
Oil Nymex 81.0 -1.020 2014-10-24T00:
Silver Index 17.1 0.024 2014-10-24T00:

Indices

Symbol Open High Last %
NZX 50 5292.8 5344.4 5341.7 -0.15%
NASDAQ 4459.5 4486.3 4452.8 0.69%
DAX 9008.6 9044.9 9047.3 -0.66%
DJI 16677.0 16811.7 16677.9 0.76%
FTSE 6419.1 6419.1 6419.1 -0.47%
HKSE 23311.9 23352.6 23333.2 -0.13%
NI225 15354.4 15377.0 15139.0 1.01%