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Methven shares halted pending material transaction

Friday 14th December 2018

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Trading in Methven shares has been halted pending the announcement of a material transaction. 

The shares last traded at $1.15, valuing the tapware maker at $84.5 million. They've gained 4.6 percent so far this year, compared to a 1.1 percent increase in the NZX All Index over the same period. The halt will be lifted once the announcement's made or before the NZX opens on Monday, a notice to the stock exchange said. 

At its October annual meeting, Methven said the new financial year had started well with first-quarter sales up 6 percent, due largely to strong growth from international sales in Britain and China. It's forecasting net profit to rise at least 10 percent in the year ending June 30, from the $6.6 million reported this year. 

Methven has been overhauling its New Zealand business and plans to add manufacturing capability to its domestic factory to support its Australasian businesses. 

It's also indicated an intention to accelerate international growth, especially in China, to create a fourth leg to the business. 

Methven attracted a deep-pocketed investor earlier this year, when Sistema millionaire Brendan Lindsay increased his stake to just under 20 percent. Lindsay sold his plastics container business for $660 million in 2016. 

(BusinessDesk)

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