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Rakon's Maire to reduce stake to fund other investments

Thursday 25th September 2008

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Rakon, the New Zealand supplier of crystal oscillators for global positioning systems, said director Peter Maire is selling shares to fund other investments.

Maire's Tahia Investments will sell up to 3 million shares, or about 20% of his holding in Rakon, raising NZ$7.1 million at today's price. Shares of Rakon dropped 2.9% to NZ$2.38.

The stock has pared its gains since soaring to more than NZ$5.50 in May last year. The company went public in a 2006 initial public offering at NZ$1.60 a share and Tahia was listed as the fourth-biggest holder, with almost 16%.

Rakon said on September 11 that earnings may rise this year, helped by a weaker New Zealand dollar and increased sales to major customers.

Maire will use the funds to take a majority stake in Auckland-based consumer electronics brand Fusion Electronics and other investments he didn't specify, according to a statement.

By Jonathan Underhill

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