Ka-ching: Brendan Lindsay's $6m payday from Methven foray

Sistema founder Brendan Lindsay. Photo/ Jason Oxenham

It's small beer compared with the $660 million cheque he picked up for plastics maker Sistema, but Brendan Lindsay looks set to make close to $6 million from his short foray into market minnow, Methven, if its takeover by GWA goes through.

Last year, Lindsay's investment trust picked up an initial 13.4 per cent stake in Methven in various trades between April 27 and May 18, during which time the stock traded at an average of $1.20/share.

In September this year, Lindsay paid $1.20 per share an off-market trade for 4.72 per cent of Methven's stock, which took his stake to just under 20 per cent.

GWA's offer price of $1.60 a share represents a 33 per cent premium to Lindsay's entry price of around $1.20.

In an interview with the Herald last December, Lindsay said Methven - a specialised shower head and tap maker - required investment but that its high dividend payout made that difficult.

GWA's takeover of Methven, via a scheme of arrangement, has Lindsay's approval.

Lindsay sold Sistema to Americas' Newell Brands in 2016.

Since then, Lindsay has bought Cambridge Stud and honey business Coast to Coast Bees.