Monday 9th July 2012 2 Comments
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South Island businessman Greg Tomlinson has become the biggest shareholder in would-be bank Heartland New Zealand after Pyne Gould Corp sold down its holding last week.
Harrogate Trustee and Tomlinson increased their stake in Heartland to 8.8 percent after buying 4.2 million shares for a total $2.1 million between April 10 and July 6, according to a substantial shareholder notice.
That means, after Pyne Gould's sell-down last week to 7.8 percent, Tomlinson is now the lender's biggest investor. Pyne Gould cut its stakes in Heartland and rural services firm PGG Wrightson as it faces an investigation by the market regulator over its related party loans.
Tomlinson's Impact Capital private equity firm was one of three underwriters for Heartland's $35 million share purchase plan last year.
Heartland's shares were unchanged at 51 cents today, and have gained 4.1 percent this year. The stock is rated 'outperform' according to the findings of two analysts compiled by Reuters, with a median target price of 60 cents.
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