Altron: Coronation buys preferred stock

Coronation Asset Management had raised its holding of preference shares in Allied Electronics (Altron) to 30.69 percent of the total preferred stock from 27.49 percent, Altron said yesterday. Preference shares pay a fixed dividend but usually do not hold voting rights. Coronation bought an additional 7.9 million preferred stock, which is equivalent to 3.2 percent of the total issued participating preference share capital in Altron. Coronation declined to comment on the reasons for increasing its shares. It was the largest minority shareholder in Altech, the subsidiary which Altron delisted from the JSE last year. In September last year, Coronation raised its stake in Altron to 25.92 percent from 24.66 percent. Altron has interests in power electronics, cable manufacturing, vehicle tracking, office automation solutions, decoder manufacturing and information technology. Yesterday its ordinary shares fell 0.16 percent to R24.75. The preference shares gained 2c to R23.70. – Asha Speckman