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

Paul McBeth
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...

Use the information you’ve already given Google to create your subscription.

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Primary Sector
Fonterra boss pleased with profit but still has work to do
Rebecca Howard | Sat, 19 Sep 2020

Fonterra is well on track to revamping the cooperative, boosting earnings and slashing debt, but chief executive Miles Hurrell says the job isn’t done.

Opinion FREE
JEHAN CASINADER: People who are struggling won’t always ask for help
Jehan Casinader | Sat, 19 Sep 2020

Companies that think an Employee Assistance Programme counts as a wellbeing policy need to think again.

BRIAN GAYNOR: The big trade-off: Economic activity vs lives
Brian Gaynor | Sat, 19 Sep 2020

Global governments are facing a huge dilemma at present: how do they assess the trade-offs between economic activity and lives during the covid-19 pandemic?

Canon Business: Premium solutions for Commercial Bay

Precinct Properties is the largest owner and developer of premium inner-city business space in Auckland and Wellington, its latest flagship success is the transformational Commercial Bay on Auckland's waterfront. Canon knew that for such a high-calibre client, only a premium bespoke purpose-built solution would suffice when it came to providing market-leading print, mail and courier services to over 10,000 tenants in the development.

Partner Content
Buy-Now-Pay-Later – what’s driving the industry?

The Buy-Now-Pay-Later segment has truly taken the world by storm. It is incredibly impressive to think two Aussies were responsible for what has been a massive shift in consumption habits globally. It is highly likely that most people have come across one of the many providers, but how does the business model actually work and what’s driving the industry?