Rakon’s Maire sells more shares, now to Mogridge

Dec. 22 – Rakon Ltd. director Peter Maire has further sold down his stake to focus on other investments. Shares of the maker of navigation components dropped 3.7%.

Maire will sell 1 million of his 12.4 million shares, with chairman Bryan Mogridge agreeing to buy 600,000 of them, lifting his holding to about 1 million shares.

“My investment is a long term one and reflects my confidence in the ability of the directors and

management to deliver on the platform established,” Mogridge said in a statement.

In September, Maire said his investment vehicle Tahia Investments would sell up to 3 million shares, or about 20% of his holding in Rakon to fund other investments.

The stock has pared its gains since soaring to more than NZ$5.50 in May last year. The company went public in a 2006 initial public offering at NZ$1.60 a share and Tahia was listed as the fourth-biggest holder, with almost 16%.

The stock fell 5 cents to NZ$1.30 today.

(Businesswire)

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