Scales shares sink 6.2% as managing director Borland trims stake

Monday 28th May 2018

Scales Corp shares dropped 6.2 percent as managing director Andy Borland halved his stake in the NZX-listed agribusiness with the shares trading near a record high.

The stock fell 30 cents to $4.55, having hit a record $5 earlier this month. The move comes after a notice to the stock exchange today showed Borland, via a family trust, sold 750,000 shares for $3.5 million, or $4.73 apiece, on April 23, when the stock closed at $4.51.

Borland still owns 750,000 shares in the family trust and another 228,931 through Scales' senior executive share scheme. He was issued 84,706 shares at $4.46 apiece on April 20 under the senior management scheme.

The agribusiness is on the hunt for new acquisitions, building a $220 million war chest with the sale of its coldstore business earlier this month.

Scales reported a 17 percent decline in annual earnings last year as its horticultural unit dealt with tough weather conditions and weaker sales prices.

(BusinessDesk)

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