Member log in

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.

More by Georgina Bond