Ellerston Capital, a fund manager controlled by Australian billionaire James Packer's family interests, has emerged as a substantial holder of shares in New Zealand online auction site Trade Me.
Sydney-based Ellerston, set up by the Packer family's holding company, Consolidated Media Holdings in 2004, owns 5.18 per cent of Trade Me, according to a substantial security holder notice to the NZX.
Ellerston brought the shares in 19 separate transactions between April and August at an average share price of A$2.73, according to the notice.
Trade Me went public in December last year when Fairfax Media sold down its holding to raise funds to support its publishing operations. The stock was unchanged today at $3.87 today and is rated a 'hold' based on the consensus of eight recommendations compiled by Reuters. Analysts have a price target of $3.86 for the shares.
James Packer inherited the family company in 2005 after the death of his father, Australian businessman Kerry Packer. His investments include shares in various gaming and entertainment groups, including Melbourne's Crown Entertainment Complex, Macau's City of Dreams, Seven Network and Australia's pay television network, Foxtel.
