Sistema founder Brendan Lindsay has taken a stake in tap maker Methven. Picture/NZ Herald.
Sistema founder Brendan Lindsay has taken a stake in tap maker Methven. Picture/NZ Herald.
Brendan Lindsay, the man who sold plastics container business Sistema last year for $660 million, has taken a stake in listed tap and showerware company Methven.
Lindsay's trust, in a notice to the NZX, said it had bought a 13.37 per cent stake which, at today's price, would be worth$10.7m.
The trust acquired about 9.82 million shares in a series of on-market purchases on April 27 and May 18.
Lindsay, who sold Sistema to US Fortune 500 company Newell Brands last December, was not immediately available for comment on the purchase.
Methven said this month that its net profit for the year to June would be down 15 per cent on the previous year's because the forecast growth for the second half had not materialised as expected "despite continued incremental investment to deliver long term sustainable growth".
At the release of its first half result in March, Methven said its net profit came to $3.2m, a decrease of 21.3 per cent on the same period a year earlier.
Methven said the first half was significantly affected by one offs.
"Whilst we understand the cause, it's still important to recognise these results are not in line with our capability or expectations," chairman Phil Lough said at the time.
