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Tourism Holdings exec sells down as share price soars

Tuesday 10th January 2017

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A senior executive of Tourism Holdings has used its soaring share price to sell down some of her stake in the business, NZX documents show. 

Catherine Mary Meldrum sold 50,000 shares on Jan. 9 for $188,500, or $3.77 a share, reducing her stake in the business from 131,500 ordinary shares to 81,500 ordinary shares.

The value of shares in the Auckland-based business has soared since 2013, when it was trading as low as 68 cents. It closed on Tuesday at $3.88, having recently rejoined the benchmark S&P/NZX 50 index. 

Meldrum is the general manager of group revenue, brand and customer experience for the business, and has been an executive since 2009, the company's website shows. She originally worked for the business between 1991 and 1996, before rejoining in 2003 as sales and marketing manager for New Zealand. 

Tourism Holdings listed on the NZX in 1986 and has experienced a volatile history. Its shares peaked at $3.20 in 1999, before dropping below a dollar in the run-up to the Iraq war in 2003. It rose as high as $2.80 in 2007, before the financial crisis sent them as low as 42 cents in 2009. They then largely flatlined until 2013. 

New Zealand is currently enjoying a tourism boom, driven by a low oil price, with visitor numbers at record levels. 

Shares in Tourism Holdings were unchanged at $3.88 and have risen 4.9 percent since the start of 2017. They've gained 91.5 percent in the last 52 weeks.

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