US investor buys slice of NZ stamp dealer shares
Media release – December 10, 2007
Major US investor buys up slice of NZ’s biggest stamp dealer shares
A major US investor the Houston based Commonwealth Australia and NZ Fund has bought up a large chunk of NZ’s biggest stamp and collectables dealer shares.
Listed stamp dealer and auction house Mowbray Collectables confirmed today that the Fund has now acquired more than five percent of the company’s shares.
``They are now a significant shareholder and they our first major overseas institutional investor,’’ managing director John Mowbray said today.
``This is encouraging for us and it’s positive for the market. We are pleased they are on board and we will be watching their movements closely next year.’’
The fund was created in 1991 and its previous name was Capstone New Zealand. It has a successful record of investing in smaller New Zealand shares.
In October, the Mowbray International stamp auction achieved hammer sales of $1.2 million creating a new revenue record. In Australia, Bonhams & Goodman (20 percent owned) achieved $3 million turnover at their November sale and the Stanley Gibbons sale in Sydney on November 28 returned a $1 million sale.
Mowbrays have been auctioning for 30 years and they have the record for the most expensive stamp sold in New Zealand – a 1903 Taupo 4d stamp (with inverted centre) bought by NZ Post for $125,000 for an investment.
John Mowbray International is the largest stamp auction house in New Zealand. The company is a wholly owned subsidiary of Mowbray Collectables, Australasia’s largest stamp dealer.