Businessman and Rakon director Peter Maire has continued to sell down his stake in high-tech equipment company Rakon.
Maire "regrettably" advised he planned to sell 700,000 of the 11.4 million shares he held in order to fund other investments he was involved with, Rakon directors said.
Maire has sold 3.5
million shares in Rakon since September.
Founder of marine electronics and global positioning technology company Navman, Maire has also been involved in several other technology companies as a shareholder and director.
Rakon, a manufacturer of quartz products and crystal components with operations in Europe and Asia, made a stunning debut on the sharemarket in 2006, listing at $2.20 - a 38 per cent premium to its $1.60 issue price.
The company's shares closed yesterday at $1.48, beating the recent record low of 62c in March, but well below the high of $5.80 in 2007.
At yesterday's price, Maire's shares for sale would be worth $1.04 million.
- NZPA
