Hong Kong investor Scobie Ward builds 5.6% stake in ikeGPS
As one investor arrives, another departs; in this case Harbour Asset Management.
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Hong Kong investor Scobie Ward, who co-founded hedge fund Ward Ferry Management, has emerged as a substantial shareholder in NZX-listed laser measurement device maker ikeGPS.
Ward bought 3.6 million shares, or 5.6% of the Wellington-based company, on market and emerged as a major shareholder on December 22, a notice to the NZX today showed, without disclosing the price paid.
The same day, Harbour Asset Management dumped its 7.4% stake, or 4.7 million shares, in on-market trading at an average price of 31.2c per share, a discount to the 39c they were trading at and where they've stayed since then.
The shares sold at $1.10 in ikeGPS's 2014 initial public offering when it raised $25 million of new capital and shifted into sales and marketing from production development.
In November, ikeGPS reported a first-half loss of $6.8 million on operating revenue of $2 million, blaming a supply chain problem for delays in the recognition of some sales until the second half. It still expects to break even on a cash basis in the fourth quarter of the 2017 financial year.
Mr Ward's other New Zealand investments include online translations firm Straker Translations, booking app flossie.com, and point-of-sale software developer Vend.
He's also named as a trustee for start-up KiwiSaver provider Simplicity.
(BusinessDesk)
Paul McBeth
Thu, 05 Jan 2017
Thu, 05 Jan 2017
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Hong Kong investor Scobie Ward builds 5.6% stake in ikeGPS
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