FAI has 7.4 pc Hill Sam. stake

Press, 10 January 1987, Page 29

FAI has 7.4 pc Hill Sam. stake

NZPA-Reuter London Hill Samuel Group pic said it was informed that Austra-lian-based insurance group FAI Insurances, Ltd, now held a 7.4 per cent stake in the company. Hill Samuel finance director, Mr Dolf Mootham, said the stake appeared to have been built up from almost nothing in the past few weeks and he assumed FAI had been buying the past few days. Hill Samuel shares rose to 444 p on the announcement from 433 p but then fell back to 439 p. The Australian stockbrok-

ers Ord Minnett, Ltd, had earlier confirmed that it had been buying Hill Samuel shares. But Ord declined to say whether it had bought on behalf of New Zealand’s NZI Cop, which announced it had built up a 4.5 per cent stake. The Hill Samuel statement on Thursday said FAl’s shareholding had been bought "as a long-term portfolio investment in the U.K. financial services industry.” . Mr Mootham said that FAI had informed Hill Samuel there was no connection between it and NZI. FAI had said it might raise its stake a little further at a later date.