Waikato electric fence company The Gallagher Group has bought a 13 per cent interest in Tru-Test, an Auckland-based company which exports milk meters, electric fences and animal weighing machines.
Angry institutional shareholders who forced out former Fay Richwhite director Robin Congreve as chairman last year are understood to have sold theirshares for less than $2 each.
They paid $3.50 per share three years ago.
Gallagher corporate services executive Margaret Comer yesterday confirmed the sale but refused to say how much the company paid.
Tru-Test is one of the success stories of New Zealand agribusiness. It has won awards for export excellence and innovation, and last reported annual revenue of $124 million.
Tru-Test has 180 shareholders, including 10 institutions that trade shares on the grey market.
One of the shareholders, Brook Asset Management, led a public campaign for better governance at the company and the removal of Congreve as chairman and director.
Brook Asset Management said this week it had sold its 5.5 per cent stake.
