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Golden Tree ups stake in Canada's Postmedia
American hedge fund Golden Tree Asset Management LP lifted its stake in Postmedia Network Canada Corp in November. The hedge fund presently owns 39% of the newspaper chain. This was according to a report published by Financial Post.
Golden Tree is the largest stakeholder of Postmedia. The American firm also has a representative on the latter's board of directors, the report stated.
A December 4 regulatory filing showed that Golden Tree bought an additional 4% in Postmedia's Class B shares last month. The fund said in the filing that it spent $1.6 million to purchase the additional holding in the newspaper chain's shares, the report detailed.
The media firm's shares are being traded on the Toronto Stock Exchange for $1.90 apiece. Postmedia is the largest English-language daily newspaper publisher in Canada, the report added.
The stake purchase came just two months after Silver Point Capital, another American investment firm, took a 19% stake in Postmedia, Financial Post reported.
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