Milford snaps up 5 percent of Mercer after Hubbard manager sells out

Thu, 23 Jan 2014

By Suze Metherell Jan. 23 (BusinessDesk) – Milford Asset Management has spent $2.3 million buying into Mercer Group from the stake once-owned by deceased Timaru businessman Allan Hubbard, building a 5.2 percent stake in the stainless steel producer. The Mercer shares were part of the assets disputed between Hubbard’s widow, Jean, and the statutory managers of the various Hubbard entities, which was eventually settled last year. The administration sold 31.1 million shares on market at 16 cents apiece, according to substantial shareholder not...

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