Sharechat Logo

Hellaby execs sell down holdings to Bapcor, but one retains stake

Tuesday 24th January 2017

Text too small?

 Senior executives at Hellaby Holdings sold down their stakes in the business to suitor Bapcor just days after the independent directors ended months of opposition to the takeover.

Just one non-executive director has held onto some of his shares in Hellaby, documents filed with the NZX show. 

Alan Clarke, Hellaby's chief executive and managing director sold his entire stake of 106,000 shares on Jan. 18 for $381,600. Hellaby's independent directors backed the offer from ASX-listed Bapcor of $3.60 a share on Jan. 16, after the offer went unconditional and Bapcor secured more than 50 percent of the company's shares. In September 2016, when the bid was first announced at $3.30 a share, Clarke told BusinessDesk that he didn't disagree with commentary that the bid was opportunistic.

Clarke joined Hellaby in November 2015 from Abano Healthcare, where he had successfully fended off multiple takeover bids. He remains managing director of Hellaby to help manage the change in ownership. 

The only executive who didn't sell down his entire holding was Paul Byrnes, who has been a non-executive director at Hellaby since 2003. The documents show that he sold just 20,000 shares to Bapcor for $72,000 on Jan. 18. This reduced his stake to 980,086 shares, or 1 percent of Hellaby's shares, from 1,000,086 shares. At the price of $3.60 a share, Byrnes stake remains worth $3.52 million. 

Byrnes, alongside former chairman Steve Smith, are staying on as independent directors until the takeover closes. Smith, sold his stake of 200,000 shares on Jan. 19 for $720,000. 

Richard Jolly, Hellaby's chief financial officer and company secretary sold his stake of 150,000 shares on Jan. 19 for $540,000.  

Mark Cowsill, a former director resigned on Jan. 23 following the boardroom changes instigated by the new majority owner. He sold 10,000 shares on Jan. 19 for $36,000. 

Gary Mollard, another former director, sold his stake of 32,648 shares for $117,533 on Jan. 19. He also resigned on Jan. 23.

James Sclater sold his 145,701 shares for $524,524 on Jan 18. He also resigned on Jan. 23. 

As at Jan. 24, Bapcor holds 83 percent of Hellaby and is seeking 90 percent so it can take full ownership and de-list the company from the NZX. The closing date for the takeover offer is Feb 7. Hellaby shares were unchanged at $3.58, while Bapcor was also unchanged on the ASX at A$5.47. 

 

NOTE: please be advised to read full articles from Business Desk Website, you will have to pay a subscription fee on their website.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar holds gains on improved dairy, bank capital outlook
MARKET CLOSE: NZ shares gain; banks rally on Reserve Bank capital decision
NZ dollar rises; bank capital rules less harsh than expected
RBNZ relaxes capital requirements, allows preference shares, extends phase-in
NZ dollar extends gain amid mixed US data, possible trade progress
MARKET CLOSE: NZ shares dip on eve of major regulatory decisions
NZ dollar sees off global headwinds, holds above 65 US cents
NZ dollar holds above 65 US cents; dairy auction prices mixed
Dairy index falls on weaker butter, milk fat demand
MARKET CLOSE: NZ shares join global decline; US tariff move weighs on exporters

IRG See IRG research reports