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Chieftain takes soft approach

DESPITE announcing to the market that it is selling of its entire portfolio, Chieftain Securities director Neil Hamilton said the sales would not be rushed.

The company has already sold its Lakefield stake for $5.1 million to multinational surveying company SGS.

Mr Hamilton confirmed the company was looking for buyers for its residual interest in Coventry and its stakes in iiNet, Endeavour Healthcare and Wescorp Holdings.

“There has been a bit of feedback but as we said in the announcement we are talking with companies we have stakes in,” he said.

Chieftain also holds a 31 per cent stake in auto parts supplier Marlows.

Mr Hamilton said that Marlows was “hitherto not for sale” and it was “not for sale today”.

“But we have told Marlows that we are not in it for the long-haul.”

The investment group’s share price has enjoyed a roller coaster ride over the past nine months.

While the market responded positively to the announcement, it was not enough to lift the company’s share price to its near 80 cent March high.

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