Renaissance optimistic about NZME foray into digital classifieds

Thu, 13 Sep 2018

By Paul McBeth Sept. 14 (BusinessDesk) - Boutique investor Renaissance Asset Management says the bargain price it paid to increase its stake in NZME doesn't reflect the potential of its burgeoning digital classified ads business. Between Sept. 3 and 5, the Sydney-based investment firm bought almost 14.7 million shares for A$8.7 million, or about 59.5 Australian cents apiece, to more than double its holding to 12 percent. The stock had slumped 26 percent on the ASX the week before after the New Zealand media group posted lacklustre first-...

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