Hellaby's given nod to sell Rodd and Gunn

Hellaby Holdings' sale of its stake in menswear retail chain Rodd & Gunn has received shareholder approval.

The sale was expected to be settled at the end of the month. Hellaby held an 82.5 per cent interest in Rodd & Gunn, which it will sell for $11.9 million.

The sale was made to interests associated with R&G's chief executive and 15 per cent shareholder, Michael Beagley.

Because of his role as CEO of R&G and Hannahs, the proposed sale was with a related party and required Hellaby shareholder approval.

Hellaby said that the sale, and a dividend distribution of $1.65 million, would provide a return of $13.5 million.