Rakon founders buy 367,000 shares after Chinese factory sell-down

Mon, 15 Jul 2013

By Paul McBeth July 15 (BusinessDesk) - Rakon’s founding Robinson family, which has the biggest stake in the company and three seats at the board, bought almost 367,000 shares in the ailing GPS components maker last week for about $81,500. The two on-market purchases on July 9 and 11 were at an average price of 22.2 cents per share, and came after the Auckland-based firm said it’s selling 80 percent of a Chinese joint venture factory to a Chinese electronics manufacturer for US$18.8million in a bid to cut debt. On Friday, Rakon chairman Br...

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