NZ Super's stake in Kathmandu falls below 5%

Monday 4th July 2016

The New Zealand Superannuation Fund is no longer a substantial shareholder in Kathmandu Holdings after Mint Asset Management used a 16 percent jump in the share price last Thursday to sell.

Mint was appointed by the NZ Super Fund to manage its bespoke New Zealand active equities fund in 2015.

Shares in the Christchurch-based outdoor retailer soared on June 30 when the company raised its expected profit forecast to $32 to $35 million from its previous forecast of $30.2 million. Its shares were the best performer on the S&P/NZX50 on the day.

The super fund's stake in Kathmandu was reduced to 9,193,384 shares from 10,109,714. That means it's holding has fallen to 4.56 percent from 5.01 percent.

Kathmandu is to provide a further trading update in August and publish its earnings on Sept. 21.

Shares in Kathmandu were unchanged at $1.59. They have risen by 1.9 percent since the start of the year.

BusinessDesk.co.nz

Comments from our readers

No comments yet