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Advantage out of Strathmore

By Phil Boeyen, ShareChat Business News Editor

Wednesday 3rd January 2001

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Tech company Advantage (NZSE: ADV) has confirmed the sale of its 16% stake in Strathmore (NZSE: SMR) for $3.029 million.

The shares have been bought by Auckland businessman John Sorenson's Saree Holdings, which now owns 22% of Strathmore's ordinary shares and 28% of the options.

Saree Holdings is paying 11 cents a share for 27.5 million shares, and nil cents a share for a million options.

Advantage became a major Strathmore shareholder in September 1999 when it bought 20% of the company for $600,000 from Saree, who in turn had purchased the Thompson family's stake in the business.

The deal to sell down its holding did not require Advantage shareholder approval, and is in line with the tech company's goal of divesting non-core assets.

In November Advantage sold its share in online retailer, FlyingPig, and in December announced it was lowering its full year revenue forecast from $110 million to between $90 and $100 million due to changing market conditions and the softer local economy.

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