The holding was placed among existing and new institutional investors at 159p. The market price of the shares was unchanged yesterday at 165p - a five-year high.
Winnedael built up its stake over several months, paying about 120p a share during 1990 and 1991. However, as a South African concern, the value of Winnedael's investment suffered from the devaluation of sterling.
Goode Durrant has been eager for some time to shake off Winnedael, which has criticised its management and its chief executive, Michael Waring. The Nash and Waring families have long- standing rivalries.
In 1991, after speculation that a full takeover was possible, Winnedael was obliged to announce that it had no such plans.Reuse content