Sharechat Logo

Ron Brierley lifts stake in Kirkcaldie to 5.7%, shares reach 21-month high

Tuesday 13th September 2011

Text too small?

Former Guinness Peat Group chairman Ron Brierley has emerged as a substantial holder of shares in upscale Wellington department store Kirkcaldie & Stains, lifting his stake to 5.7%.

Brierley, a former Wellingtonian, paid an average $2.85 a share for 128,141 shares, or 1.3% of the company on Sept. 9, according to a notice to the NZX today. The shares last traded at $3, giving Brierley an immediate paper profit of $19,221. The stock last reached $3 in January 2010 and topped that level in February 2008.

In July, Brierley lifted his stake in ASX-listed India Equities Fund to 14.8%, suggesting he may be seeking a new vehicle for investments.

Brierley’s emergence as a substantial holder of Kirkcaldie comes after another seasoned investor, former Brierley Investments chairman Selwyn Cushing and his son David Cushing, lifted their family’s stake to 17.1%.

At the time, David Cushing told BusinessDesk that he was attracted to the retailer’s “prime Lambton Quay real estate”, quality management and status as an iconic retailer.

Kirkcaldie owns the Harbour City Centre, a historic-six-floor retail and office building next door that is currently being earthquake strengthened. Property contributed EBITDA of $1.6 million in the first half, more than four times the earnings from retailing.

Cushing said while H&G’s holding was creeping toward the 20% level above which a full takeover could be triggered, the investment company wasn’t in a hurry to move higher, and the stock was relatively illiquid.

(BusinessDesk)

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report