James Pascoe, the retail group owned by David and Anne Norman, has added to its holding in Warehouse Group [NZX: WHS] by buying on market this week, taking advantage of shares trading near their lows for the year.
James Pascoe acquired 730,000 shares for a total of $2.26 million yesterday, implying a price of about $3.10 a share. The stock traded at $3.09 on the NZX today. The latest purchase lifts Pascoe's holding to 6.3 percent from the 5.15 percent it disclosed in June, when it first emerged as a substantial shareholder.
Warehouse shares were as high as $3.75 at the start of the year and the Normans may be betting on an improved performance in 2015. Last month the Auckland-based retailer posted an 18 percent drop in annual profit, while saying investments should start showing up in earnings growth in the current financial year. The shares are rated a 'sell' based on the consensus of analysts polled by Reuters with a median price target of $3.05.
The Normans' retail empire includes department store chain Farmers Trading Co, the Whitcoulls bookstores, Pascoes the Jewellers, Stewart Dawson and Goldman jewellery retailers, and Prouds the Jewellers, Angus & Coote and Goldmark jewellery chains in Australia.
(BusinessDesk)
Jonathan Underhill
Wed, 22 Oct 2014
Wed, 22 Oct 2014
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James Pascoe increases stake in out-of-favour Warehouse to 6.3%
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