Shares swoop hits Webster

Nick Clark

Corporate raider the Guiness Peat Group has taken a substantial shareholding in the Tasmanian agribusiness Webster Ltd.

Sir Ron Brierley's group has built up a 15.7 per cent stake in Webster, or 9.3 million shares, since July 5.

Yesterday GPG bought about 6.9 million shares for $4.5 million.

Also yesterday, Webster director Roy Manassen and his firm Manassen Foods Australia Pty Ltd reduced their shareholding in Webster, selling 7.1 million shares for $4.7 million.

Tasmanian brokers Shadforths Ltd handled the sale and purchase at a price of 65c a share.

NSW-based Manassen Foods retained a substantial shareholding of three million shares (5.08 per cent).

Shadforths broker Tony Shadforth said the GPG purchase continued a long association between Sir Ron and Tasmania, dating from his links with Cascade Brewery and Goliath.

"They obviously saw this as an opportunity to get into one of the last remaining Tasmanian companies," Mr Shadforth said.

"They have got other interests in other food companies, but what particularly they want to do I am not aware of.

"Certainly they wanted a strategic stake and they will assess their position over the short term."

Webster managing director Rod Roberts was unable to be contacted.

Sales activity over the past week has lifted the Webster share price from 59c to a 69c close yesterday.

Last week Webster informed the market that lower export vegetable prices would mean it would not reach its target $5 million profit.

GPG has a 10 per cent share of Atlantic salmon producer Tassal, which recently bought most of Webster's salmon farming business Aquatas.

GPG has become cashed up in recent times after sales of stocks all over the world, including a 9.4 per cent stake in Tasmanian Perpetual Trustees for $12.9 million.

Webster has some 30 million shares on issue and a market capitalisation of about $20 million.