Tourism Holdings' third-largest shareholder, UK-based Utilico
Investments, has sold its 8.5% stake in the tourism camper
van company for $5.7 million.
Late last month, Tourism Holdings reported a boost in revenue
for its full-year result, but that was undermined by one-off
costs, affecting after-tax profit, which fell 16% to $3.8
Craigs Investment Partners broker Peter McIntyre said Milford
Asset Management had bought the Utilico stake, raising its
stake in Tourism Holdings to 14%.
While Tourism Holdings was bullish in its outlook for
improved results from acquisitions Kea Campers and United
Campervans, Mr McIntyre believed shareholders were looking
for this to be proven during the next 12 to 18 months.
Since the full-year announcement, its shares had been up 15%
from 60c to 69c, and following the sale announcement, down
slightly at 67c yesterday, .
Milford, which has more than $2 billion under management, has
become the second-biggest shareholder in Tourism Holdings,
The Auckland-based fund manager spent almost $7.1 million
buying 10.4 million shares in Tourism Holdings, at 68c
apiece, on the market yesterday, taking its stake to 14%.