24 Dec 2008

Further sell-down of shares in Rakon

6:07 am on 24 December 2008

Technology entrepreneur Peter Maire is selling 1 million of the 12 million shares he holds in Rakon.

Mr Maire is a director of the company and says he plans to use the proceeds of this sale to fund other investments he is involved with. The sale comes after he sold 3 million shares in September.

Rakon's chairman Bryan Mogridge will buy 600,000 of the shares, boosting his holding in the company to just over 1 million shares.

Rakon makes quartz crystal components, which are used in global positioning systems.