The Hawke's Bay-based Cushing family have lifted their stake in Moa Group, snapping up 4 million shares from cornerstone shareholder Colin Neal.
The Cushing's H&G entity increased its holding in the beer-maker and hospitality company to 10.1 per cent from 6.5 per cent after paying $760,000, or 19c a share, for Neal's shares in an off-market transaction.
The price was a small premium to the 18.7 cents price the shares closed at on Friday. The stock rose 4.3 per cent to 19.5 cents in morning trading.
The Cushings emerged as a substantial Moa shareholder in September, while Neal became a substantial shareholder in April, buying a 17.4 per cent stake for $2.5 million, or 14 cents a share. He then participated in a rights issue in May at the same price, which increased his holding to 19.7 per cent.
Neal has been investing in companies, inlcuding Mercer Group and Smith City, since selling Big Chill Distributors to Freightways in April for $117m. Neal received $56m from his 47.89 per cent stake.
