Sir Ron Brierley has lifted his stake in Wellington retailer Kirkcaldie and Stains from 5.7 percent to 6.9 percent.
Kirkcaldie and Stains Photo: Pear285 / CC BY-SA 4.0
The retailer's shareholders will vote on a proposed takeover by Australian retailer David Jones late next month.
Sir Ron Brierley Photo: Coats Group
If approved, Kirkcaldie and Stains said investors were likely to receive a payment higher than the recent market value of their shares, though no figure has been provided yet.
The retailer has $18 million in cash, after selling its Harbour City building, with another $4.75 million due in October.
Yesterday, one of the conditions of the takeover was satisfied, after Kirkcaldie and Stains' iconic Wellington store received a satisfactory seismic assessment.
Apart from shareholder approval, the deal still needs the agreement of the Overseas Investment Office, and the Lambton Quay store's landlord.