Goodfellows' Amalgamated Dairies sells down Sanford stake

Goodfellows' Amalgamated Dairies sells down Sanford stake

By Paul McBeth

Aug. 12 (BusinessDesk) - Amalgamated Dairies, the investment vehicle for the Goodfellow family, has sold down its stake in fishing company Sanford at a 2.3 percent discount to where they trading at the time.

Sanford's biggest shareholder sold 5 million shares on market for $27.5 million, or $5.50 apiece, yesterday, a notice to the NZX shows. That was below the $5.63 bid price at the time, and since then the fishing group's shares have climbed 3.5 percent to $6 today. The sale reduced Amalgamated Dairies' stake in Sanford to 27 percent from about 33 percent.

Earlier this year, a separate Goodfellow vehicle and the second-biggest shareholder of Sanford, Avalon Investment Trust, sold $25 million of shares to Japanese food group Maruha Nichiro Corp, leaving it with 9.2 percent of the fishing company.

Avalon, which counts Thomas Bruce Goodfellow among its current directors and has previously counted Sanford board members Peter and Bruce Goodfellow as shareholders, bought 4.4 million shares from Amalgamated Dairies for $22.8 million in October last year.

The stock is rated an average 'hold' based on two analyst recommendations compiled by Reuters, with a median price target of $6.02.

(BusinessDesk)

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