Osmium has sold down its stake in NZME. Photo / File
Osmium has sold down its stake in NZME. Photo / File
San Francisco-based investment firm Osmium Partners has reduced its stake in dual-listed NZME, publisher of the New Zealand Herald, to 11.4 per cent from 15.6 per cent.
The sale of 8.69 million shares, for A$10.6m ($11.7m), took place from March 23 to May 31, Osmium said in a notice tothe NZX.
Osmium first revealed that it had taken a stake - 8.7 per cent - in NZME in September, 2020.
Shares in NZME last traded at $1.29, having gained 72 per cent over the past 12 months.
Osmium Partners was established in 2002, according to its website.
"We focus on investing in high-quality, small capitalisation public equities via an exhaustive, bottom-up research process," it says.
It says Osmium seeks to generate strong, risk-adjusted returns by investing in undervalued, small capitalisation companies.
"Our research process is based on eight simple factors involving balance sheet strength, aligned interests, attractive reinvestment opportunities, a low valuation, and reasonable growth prospects," it says.
