Advantage to shed its stake in Strathmore

By DANIEL RIORDAN

Advantage Group is selling its stake in listed technology investor Strathmore Group to John Sorensen's Saree Holdings.

Advantage chief executive Greg Cross says the sale is part of Advantage's policy of shedding non-core assets.

Mr Sorensen, an Auckland businessman, was instrumental in changing Strathmore from a listed shell company to a technology investor in September last year.

Saree has offered Advantage $3.02 million for its 27.5 million shares (16 per cent of Strathmore) and 1.05 million options.

The offer is worth 11c a share and nil cents per option.

Strathmore shares closed up 1.4c at 13.4c, compared with a year-low of 11c and a year-high of 62c.

After the sale, Saree will hold 22 per cent of Strathmore's shares and 28 per cent of its options.

Advantage shares closed up 6c yesterday at $1.25, compared with a year-high of $5.65 in April.

The offer is subject to the notice and pause provisions of the Stock Exchange for three working days.

The parties expect the transfer will take place next month.

The deal does not require the approval of Advantage shareholders.