Major Rakon investor halves stock

18 Feb 13

A major shareholder has halved it's stake in embattled electronics component maker Rakon, following cuts to the company's annual earning guidance last week.

Harbour Asset Management has cut shares from 9.04% to 5.15% since the announcement, according to a notice posted by NZX this morning.

Shares in the company crashed to an all-time low, declining 24% as stock fell 9 cents to 29 cents, cutting $17m off the company’s market value to $55.4m.

Blaming a “sudden and aggressive” price reduction demand for all key component suppliers, the revision of the revision – still following? – follows an earlier revision in December.

Like last week we have left messages for CEO Brett Robinson, who assures us he will return our calls. When he does, we’ll update you accordingly but given previous form, it looks unlikely an official comment will come anytime soon.

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