Jan Cameron resigns from Pricewise, associated entity removed as shareholder

Jan Cameron faces criminal charges for failing to disclose her links to a major investor in the company she was previously a director of. Photo / Simon Baker

Kathmandu founder Jan Cameron has resigned as a director of New Zealand discount retailer Pricewise triggering a change of ownership at the company.

The move came three weeks before Australia's securities regulator laid charges against Cameron over allegations she failed to disclose ownership of millions of shares in baby food company Bellamy's.

Companies Office records show Cameron resigned as a director of Pricewise on January 22.

On the same date Narden Limited, an entity associated with Cameron, was removed as a majority shareholder in Pricewise. Narden had held a 62 per cent stake which has now been transferred to Andrew Berryman, founder of Pricewise.

Berryman, who now holds a controlling 82 per cent stake in the company with Gillian Berryman, declined to comment on the changes.

The Herald has been unable to contact Cameron.

Cameron, who made her fortune from Kathmandu, was a director of Bellamy's between 2007 and 2011. The ASIC alleges Cameron failed to disclose her true relationship with a company which held approximately 14 million shares in the infant formula maker while she was director.

The holding represented more than 14.7 per cent of Bellamy's total issued capital, and the ASIC claims Cameron failed to disclose that interest.

It alleges that Cameron lodged an initial substantial holder notice days later that was misleading as it failed to disclose her true relationship with The Black Prince Foundation.

Under Australia's Corporations Act, if a person begins to have a holding of shares in a listed company that results in 5 per cent or more voting power, they must lodge a substantial holder notice with the company and the Australian Securities Exchange.