UPDATE: Allan Gray says selldown of APN reflects share price gain

Tue, 17 Mar 2015

(Adds comment from Allan Gray) By Pam Graham March 17 (BusinessDesk) - Allan Gray Australia says it cut its stake in APN New & Media because the share price had risen. The fund manager has cut its stake in APN to about 15.5 percent from 17.7 percent, according to notices filed to the ASX. APN shares last traded at 93 Australian cents and have jumped 50 percent in the past 12 months, outpacing a 10 percent gain for the S&P/ASX 200 Index. "With the share price having risen so much it's becoming a bigger and bigger part of our portfoli...

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