Allan Gray cuts NZME stake after weak earnings trigger 22% slump

Thu, 06 Sep 2018

By Paul McBeth Sept. 6 (BusinessDesk) - Australian investment firm Allan Gray has halved its stake in NZME since the local media group reported underwhelming earnings last month, spurring a 22 percent slide in the share price. The Sydney-based fund manager was NZME's biggest shareholder with almost 16 percent when it was spun out of APN News & Media in 2016. Allan Gray sold down to about 12 percent since the demerger, but after series of trades since Aug. 30 has whittled that down to 5.9 percent. Auckland-based NZME posted a 53 perce...

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