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First Milk reduces stake in Wiseman
FIRST Milk sold almost 4.2 million shares in Robert Wiseman Dairies yesterday, more than a third of its stake.
The Paisley-headquartered co-operative supplies Wiseman with about 30 per cent of its raw milk needs, taking the stake as part of a "long-term strategic partnership" in 2004. It now owns 10 per cent of Wiseman.
Institutional investors snapped up shares at 450p each. Wiseman bought a million for cancellation, cutting its issued capital by 1.4 per cent.
Wiseman said First had advised it that it had no plans to sell more shares. It estimates that First, which bought the shares at 250p each, is sitting on a gain of 28.5 million on the stake, a return of 98.4 per cent.
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Saturday 26 May 2012
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