Renaissance Corp's major shareholder, Acma, has sold down its holding in a $13 million share placement.
Renaissance, the local distributor of Apple computer products, said Acma had sold its 26.2 per cent stake of 10 million shares through to retail and institutional investors.
First NZ Capital Securities, which managed the book build and subsequent placement, said the offer generated strong interest, with a final placement price of $1.30 a share - a 7 per cent discount to yesterday's closing price.
Renaissance shares last traded yesterday at $1.40 against a high for the year of $1.60 and a low of 93c.
Renaissance told shareholders this week it was unlikely to maintain the stellar profit growth that saw it post a 121 per cent increase in December-year profit to $5.1 million - due largely to the popularity of Apple's flagship iPod portable music player.
Profit growth was likely to slow to a more modest 20 per cent in the 2006 year, managing director Paul Johnson told shareholders at the AGM.
- NZPA
Renaissance shareholder quits stake
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