Milford Asset Management director Brian Gaynor has been appointed to the board of Salvus Strategic Investments after the fund manager acquired a strategic stake in the stock investor.
Earlier this month Milford purchased 16.92% of Salvus for about $2.5 million from Hubbard Churcher Management Ltd, a vehicle related to South Canterbury Finance and its owner, Allan Hubbard.
Gaynor becomes a non-independent director of Salvus under NZX listing rules. Salvus invests in a diversified portfolio of smaller New Zealand companies, including Pumpkin Patch, Freightways and Comvita.
In addition to listed companies, Salvus may also invest in selected unlisted companies which are often inaccessible to individual retail investors, and which may or may not be planning to list on the NZ stock exchange.
Shares of Salvus last traded at 79 cents and have advanced 58% in the past 12 months.