Mad Butcher owners Michael Morton & his wife, Mad Butcher founder Sir Peter Leitch’s daughter Julie, have sold their 35.5% stake in Veritas Investments Ltd to 9 separate buyers in offmarket transactions dated 1 May & disclosed yesterday.
Mr Morton, Ms Leitch & WBM Trustee Ltd conducted an “all or nothing” offmarket transfer of all their 43.3 million shares in Veritas after an option for McCashin’s Brewery Ltd to buy just under 20% of the company, agreed in January, was terminated by McCashin’s in March.
In a reverse listing, Veritas paid $40 million to buy the franchised Mad Butcher business in 2013, half in cash & half in shares.
The Mortons bought the butchery business back for $8 million in December 2017.
McCashin’s would have bought 19.86% of Veritas at 20c/share + gst if it had taken up the January option. Disclosures from 3 of the 9 new buyers so far show they are paying 11c/share.
Veritas’s share price has ranged from 9.98-14.3c this year. A year ago it spiked up to 20c.
Attribution: NZX notices.