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James Pascoe lifts Warehouse stake

NZN 19/06/2016 Jonathan Underhill

Retail group James Pascoe has lifted its holding in Warehouse Group to 17.5 per cent after buying shares on-market last week.

Pascoe bought 244,367 shares for a total of $679,015, or about $2.78 apiece on June 17, it said in a statement to the NZX.

It emerged as a substantial security holder in October 2014 before lifting its holding to 16.4 per cent in March 2015 by buying out Australian retailer Woolworths' stake for $87.1 million.

At the time, Pascoe said it wasn't interested in making a takeover offer for New Zealand's largest listed retailer.

Pascoe's retail interests include owns Farmers, Whitcoulls, Pascoes, Stevens, Stewart Dawsons and Goldmark.

Warehouse shares last traded at $2.85, the highest in more than two months.

Last month the Auckland-based retailer lifted third-quarter sales 5.5 per cent to $672.2m and said it's on track to meet its forecast annual profit excluding one-time items of $61m-$64m.

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