Auckland-based fund manager Milford Asset Management has
increased its stake in the tourism camper van company Tourism
Holdings from 18.8% to 19.14%, just below the 20% takeover
Tourism Holding shares remained unchanged at $1 yesterday
following the announcement. Milford is the second-biggest
shareholder in Tourism Holdings.
Craigs Investment Partners broker Greg Easton said Milford,
with assets under management of nearly $3 billion, would not
be looking at taking a controling stake in Tourism Holdings,
which has a market capitalisation of $110 million.
He said changes to Tourism Holdings' operations and
rationalisation of the sector in New Zealand had it in a good
position, while its United States operations were doing well,
generating positive cashflow.
''Its share price reflects the positive changes. There's
potential now for more positive growth,'' he said.
In early September Tourism's Holding's then third-largest
shareholder, UK-based Utilico Investments, sold its 8.5%
stake for $5.7 million to Milford Asset, which at the time
raised its stake to 14%.