Retail investor David Wright has reduced his stake in Hallenstein Glasson Holdings by nearly half to 6.5%.Mr Wright, the son of former Hallensteins clothing store rival Hugh Wright, had reportedly been buying shares in the chain since 2000.Up until yester
Retail investor David Wright has reduced his stake in Hallenstein Glasson Holdings by nearly half to 6.5%.
Mr Wright, the son of former Hallensteins clothing store rival Hugh Wright, had reportedly been buying shares in the chain since 2000.
Up until yesterday, Mr Wright's entity Miromutu Trust held nearly 10.7% of ordinary shares and in a substantial movement announcement to the NZX today said 2.5 million shares were sold.
While no price was revealed in the announcement, shares yesterday were trading at $4.30 which would have realised more than $10 million for Miromutu.
Since 2005, Miromutu had increased its stake from 9.27% to a little more than 10.5%.
Last month the company reported full-year profits had climbed nearly 53% as profit margins improved, particularly across the Glassons clothing chain.
Mr Wright founded the Max clothing chain more than 20 years ago, which is now owned by Ezibuy.
