Investors grab PDL premium

Sharebroker Forsyth Barr says it has been instructed by a client to acquire up to 15% of the manufacturer, which is slightly over 2 million shares.

Under NZSE rules a minimum of 20% of the shares must be acquired on-market. By the end of trade on Tuesday the broker had picked up around half a million shares and said the stand would remain open until February 23rd or until completed.

The broker says there are no conditions attached to this stand in the market and acceptances are being made on a "first come, first served" basis. It has not said who is buying the shares.

Forsyth Barr began phoning clients after the close of business Monday offering to sell their PDL shares at a $1.30 premium to that day's losing price of $3.90.

The majority of PDL is owned by founder Sir Robertson Stewart and his wife, with around 70% of some 13.5 million shares.

PDL sold its plastics business last year and is focusing on developing its high-tech, high-value manufacturing base. For the six months to the end of September 2000 the company made a profit of $3.187 million, up 5% on the previous year.

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