Sam Morgan, who made his fortune when Trade Me was sold to Fairfax Media, has built a substantial shareholding in security software developer Wynyard Group after buying on-market yesterday.
Morgan's Jasmine Investment Holdings No. 4 Ltd bought 250,000 shares on market yesterday, taking his total stake in Wynyard to about 5.84 million shares, or 5.04 percent of the firm, according to a notice to the NZX. While no price was put on the deal, Reuters data shows 250,000 shares were bought at $1.90 yesterday, for $475,000.
Proud to now be a substantial shareholder in Wynyard. Might just be the next Xero. https://t.co/Fj1TZ5fLBZ
The shares fell 1 percent to $1.90 today, and are up 66 percent this year, having pared bigger gains during a global sell-off of software and biotech stocks.
Morgan was already one of the bigger shareholders in Wynyard, having participated in last year's $65 million initial public offer, and was recorded as holding 2.96 percent as at Feb. 28, according to the company's 2013 annual report.
