James Pascoe lifts Warehouse stake to 17.5%

Monday 20th June 2016

James Pascoe, the retail group owned by David and Anne Norman, has lifted its holding in Warehouse Group to 17.5 percent buying shares on-market last week.

Pascoe bought 244,367 shares for a total of $679,015, or about $2.78 apiece on June 17, it said in a statement to the NZX.

It emerged as a substantial security holder in October 2014 before lifting its holding to 16.4 percent in March 2015 by buying out Australian retailer Woolworths' stake for $87.1 million. At the time, Pascoe said it wasn't interested in making a takeover offer for New Zealand's largest listed retailer.

Pascoe's retail interests include owns Farmers, Whitcoulls, Pascoes, Stevens, Stewart Dawsons and Goldmark.

Warehouse shares last traded at $2.85, the highest in more than two months. The stock is rated a 'sell' based on the consensus of five analysts compiled by Reuters. Last month the Auckland-based retailer lifted third-quarter sales 5.5 percent to $672.2 million and said it's on track to meet its forecast annual profit excluding one-time items of $61 million to $64 million.

BusinessDesk.co.nz

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