Dellaca family sells package of Postie Plus shares

Members of the family that founded clothing retailer Postie Plus Group have sold a 20 per cent shareholding at a 12 per cent discount, leaving them with about 15 per cent.

The sell-down by members of the Dellaca family was completed overnight at 92 cents per share, the Christchurch-based retail group announced today.

Postie Plus shares were issued at a dollar three years ago and steadily declined to a nadir of of 57 cents by December last year.

They have since risen steadily to above the issue price although they fell back 3 cents to $1.02 today on news of the founder family substantially reducing its stake.

Richard Dellaca, a non-executive director of the company, had sold about half his family trust shareholding in an off-market transaction, in association with the sale of other holdings by the wider family.

"The sale of 20 per cent of the company (8 million shares) was notified to NZX at the opening of today's market call by sharebrokers acting for the Dellaca family," Postie Plus Group chairman Peter van Rij said.

The partial selldown was of shares allocated to the family on September 1, 2003 after the flotation of the company.

"Richard has indicated that he has reduced his holding to reinvest in lifestyle decisions he has made as part of his retirement plans," Mr van Rij said.

Mr Dellaca indicated earlier that he would retire from the Postie Plus board at the annual shareholders' meeting on November 25.

"We also acknowledge the contribution made over 35 years of service to the company by John and Murray Dellaca whose family interests are also freeing up some of their holdings," Mr van Rij said.

Kerry Dellaca, representing the founding family interests, said individual family members would collectively maintain a significant holding of about 15 per cent which was an expression of complete confidence in the future of Postie Plus.

Chief executive Ron Boskell said Postie Plus looked forward to the increased liquidity in the company's shares that would result from the dispersal of the large block from the Dellaca family among a number of institutional and other investors.

The new shareholders would have entitlement to a final dividend of 4 cents per share, payable on December 12.

For the year to the end of July, Postie Plus, which operates Postie+, Arbuckles, and Babycity stores reported a full year net profit after tax up 135 per cent to $3.93 million.

Sales for the year lifted 9.8 per cent to $125.51m.

- NZPA