About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
Open account with Equity Investment Advisers

Franklin flip-flops

Friday 14th April 2000

Text too small?

In an apparent change of heart US investment giant Franklin Resources has splashed out on a 5% stake in Telecom, worth $823 million at Wednesday's closing price.

In recent months Franklin, in company with other overseas institutions, has been selling down its New Zealand holdings. It has cut stakes in Fletcher Challenge stocks, Brierley Investments and Air New Zealand.

The group could not be reached for comment but it is possible at least some of the money realised from the sales has been reinvested in Telecom.

The 5% threshold, which triggers a requirement to file a substantial security holder notice, was breached on Wednesday.

ABN Amro analyst Jeremy Simpson said he was not privy to Franklin's reasoning "but there appears to be increased interest in New Zealand and in Telecom in particular. It's been doing a lot of roadshows overseas."

Another US investor, Brandes Investment Partners of San Diego, disclosed a 5.2% Telecom holding in January. Late last month it lifted the stake to 6.2%.

Telecom's share price has been falling heavily in recent days in response to the decline of the technology-heavy US Nasdaq index.

Franklin this week sold a further 1% of Brierley, reducing its stake to 4.43%. Camerlin Group, the vehicle of Malaysian tycoon Quek Leng Chan, lifted its BIL holding from 20% to 24.4%.

- Nick Stride

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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.
Bookmark and Share   Printable version
Related News

MARKET CLOSE: NZ shares rise; Kathmandu gains on buyout hope, Ebos, Nuplex, NZ Refining gain
Westpac keeps core government transactions contract, other banks get peripheral services
NZ dollar gains as traders digest weak US employment numbers
Funding no-shows frustrate mining junior New Talisman
Westpac keeps core government transactions contract, other banks get peripheral services
Atlanta TPP talks head into the night
Meat workers square off with Talley's Affco in Employment Court
NZ govt science plan seeks to double private sector R&D by 2025
Tegel owner refinances $268 mln of debt, lifts annual sales by 8.8%
Snakk Media to raise up to $2.3M selling shares at discount to fund growth

Previous News
News Alerts
Breaking News (Up to 10 Emails a day) 
After the Bell (Daily) 
Gold News 

Unsubscribe/Update »

RSS feeds »
Twitter »
Facebook »

Most Commented On
  forex centre
cfd centre
options centre
NZX 15 Index

© Copyright 2015 MoneyOnline Ltd & Investment Research Group Ltd. All Rights Reserved.