Ellis Capital lifts stake in alternative postal operator

By GEOFF SENESCALL

Investment banking firm Ellis Capital unveiled itself as a 10.3 per cent shareholder in National Mail yesterday.

The bulk of the holding in the alternative postal operator was bought during the recent share price weakness.

Ellis Capital, which specialises in capital raisings and restructurings, also took shares at the time of the float as payment for its services.

An executive of the Auckland-based banker, John Southworth, said: "We expect National Mail to take significant market share from the incumbent postal operator which ... had been a state monopoly."

Shares in National Mail, which this month confirmed ASB, Vector and Southern Cross as clients, closed yesterday at 91c, down 4c. The shares were issued at 125c in late March.