Masthead ups stake

Masthead Investments is getting close to triggering compulsory takeover rules after further increasing its stake in private hospital operator Wakefield Health.

Masthead, controlled by members of the Stewart family in Christchurch, said it now owned 19.31 per cent of Wakefield, from 16.23 per cent last week.

Most of the shares were bought for $9.00, the current share price after touching $9.02 on June 12. The stock has climbed markedly from a year low of $6.85 in March.

Masthead owns a stake in medical supplies company Ebos and mounted an unsuccessful bid for health services provider Abano last year.