Hill family increases stake in Michael Hill International

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

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.

Got a question about this story? Leave it in Comments & Questions below.

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

Comments & Questions

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


Sym Price Change
USD 0.6454 0.0000 0.00%
AUD 0.9021 0.0000 0.00%
EUR 0.5771 0.0000 0.00%
GBP 0.4195 0.0000 0.00%
HKD 5.0087 0.0000 0.00%
JPY 78.6100 0.0000 0.00%


Commodity Price Change Time
Gold Index 1133.3 8.610 2015-08-28T00:
Oil Brent 50.0 7.240 2015-08-28T00:
Oil Nymex 45.2 2.730 2015-08-28T00:
Silver Index 14.5 0.120 2015-08-28T00:


Symbol Open High Last %
NZX 50 5634.9 5688.3 5634.9 0.63%
NASDAQ 4792.1 4836.8 4812.7 0.32%
DAX 10335.9 10336.9 10315.6 -0.17%
DJI 16649.4 16670.0 16654.8 -0.07%
FTSE 6192.0 6247.9 6192.0 0.90%
HKSE 22424.4 22424.4 21838.5 -1.04%
NI225 18908.7 19192.8 18574.4 3.03%