Milford Asset emerges as 2nd biggest shareholder in Tourism Holdings
Milford Asset Management, with more than $2 billion under management, has emerged as the second-biggest shareholder in Tourism Holdings, building a 14 percent stake in the rental campervan operator.
The Auckland-based fund manager spent almost $7.1 million buying 10.4 million shares in Tourism Holdings at 68 cents apiece on market yesterday, according to a substantial shareholder notice to the NZX. That took the firm's stake to 14 percent, or about 15.4 million shares, behind Sterling Grace's 17 percent holding.
The bulk of the acquisition came from Utilico Investments, a UK investor managed by Infratil director Duncan Saville's ICM, which sold its 8.6 percent stake for some $5.7 million.
Last week, Tourism Holdings reported an 11 percent decline in earnings before interest, tax and financing costs to $14.6 million in the 12 months ended June 30, within the company's forecast of $14 million to $16 million and ahead of downbeat expectations.
The shares fell 2.9 percent to 67 cents today.