25 Aug 2010

Hill family wants to increase stake in MHI

10:28 pm on 25 August 2010

Shares in Michael Hill International have jumped more than 3% after the Hill family, which owns 48% of the jeweller, said it wanted to increase its stake to 50.1%.

The Hill family first wants to consolidate the shares currently held by various family trusts into a single entity, then take a controlling stake.

The family is also planning to seek shareholder approval to increase its stake by way of a company share buyback over the next year and is seeking exemptions from the Takeovers Panel in order to complete it.

A vote will be held at the company's annual general meeting on 5 November.

Shares in Michael Hill International rose 4 cents to 69 cents on Wednesday.