Listed Dunedin company Scott Technology has a new shareholder aboard, Fisher Fund Management having acquired an 8.89% stake, after Fisher's $79 million purchase in late February of Tower Investments.
The stake would have been worth more than $9 million at yesterday's price of $2.50, which was unchanged after the announcement.
In a market statement yesterday, Fisher said the Scott stake had been acquired as a result of the purchase of Tower Asset Management Ltd by Fisher Funds Management Ltd.
The Fisher stake is third-largest of those of the independent shareholders, behind the Marsh family of Dunedin's 13.1% stake, held by Oakwood Securities Ltd, and the 12.2% stake of Russell Field and Anthony Palmer.
