Paradice Investment Management acquires stake in Australian electronics seller Dick Smith
Paradice Investment Management, a boutique funds management firm, has become a substantial holder in home entertainment and electronics retailer Dick Smith. This was according to a document filed with the Australian Securities Exchange (ASX) over the Christmas holidays, wrote The Sydney Morning Herald (SMH).
The said document shows that Paradice has taken 12.15 million shares in Dick Smith. This is equivalent to a 5.14% stake in the retailer. The acquired holding is worth more than $25 million at the Friday closing price of Dick Smith, which is $2.07 per share, the report detailed
It is believed that Paradice holds around $8.4 billion under management. This amount is spread across several funds including a small-cap product, the report added.
Dick Smith shares were floated on the ASX earlier in December. The shares were issued via an initial public offering (IPO) priced at $2.20 per share. This price gives the company a market value of approximately $520 million, SMH reported.
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