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RBD acquisition time extended

By Phil Boeyen, ShareChat Business News Editor

Thursday 30th November 2000

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Funds manager AMP is extending how long it will stay in the market to increase its stake in fast-food company Restaurant Brands (NZSE: RBD).

Early in November AMP Henderson Global Investors took a stand in the market for 13.8 million shares in RBD at $1.25. This was followed by a restricted transfer notice by AMP Custodial Investments No.1 to acquire 4.65 million ordinary RBD shares at between $1.10 and $1.25, between November 3rd and December 1st.

AMP has now extended the time to acquire the shares until the end of June next year, and has lowered the minimum end of the range for the target share from $1.10 to $1.05.

Restaurant Brands shares have generally traded around the $1.25 mark ever since AMP stepped into the market. The funds manager currently has a 22.04% holding and is aiming for a 24.97% stake.

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