Hunter Hall Investment Management Ltd ceased to be a substantial shareholder of sports shoe soles manufacturer Qingmei Group following the sale of 6.84 million shares from March 26 to April 10 at estimated prices of 13.9 cents to 12.5 cents each. The trades reduced its deemed holdings by 17 per cent to 33.411 million shares or 4.91 per cent. The group previously sold 7.285 million shares from March 1 to 22 at estimated prices of 15.3 cents to 14.4 cents each. Overall, the shareholder's stake is down by 14.1 million shares or 30 per cent since March.
Investors should note that the group's sale prices were lower than its purchase prices. The fund manager previously acquired 89,000 shares from Jan 28, 2011, to Feb 29 this year at estimated prices of 33 cents to 15.5 cents each and 7.45 million shares from Jan 21 to 27, 2011, at an estimated price of 32.5 cents each. Hunter Hall Investment reported an initial filing on Jan 19, 2011, of nine million shares at 34 cents each, which raised its interest to 6.25 per cent. The counter closed at 11.8 cents on Friday.
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