Wyllie raises $16m on Amcom sale

22/05/2013 - 15:53

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Wyllie raises $16m on Amcom sale

The Wyllie Group has realised a big profit on its six-year investment in Amcom Telecommunications, selling half of its total holding in the listed Perth company.

Wyllie netted $16.1 million from the sale of 8 million shares, at $2.01 per share.

That leaves it with a remaining holding of 7.8 million shares.

Wyllie said it has “enjoyed a significant appreciation on its investment as well as a consistent dividend return” since buying into Amcom.

"As a result of a review of our investments, the Wyllie Group has rebalanced its investment portfolio and reduced its exposure to the telecommunications sector,” it said in a statement.

"We are comfortable with our remaining holding in Amcom and are confident of its prospects."

Between December 2006 and August 2007, Wyllie acquired a total of 25.5 million Amcom shares, at an average entry price of 19.5 cents per share.

Amcom has been a quiet achiever since then, consistently lifting profits.

Amcom shares closed down four cents at $2.07.

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