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Allan Gray cuts NZME stake

Australian investment firm Allan Gray has halved its stake in NZME since the local media group reported underwhelming earnings last month, spurring a 22 percent slide in the share price. 

The Sydney-based fund manager was NZME's biggest shareholder with almost 16 percent when it was spun out of APN News & Media in 2016. Allan Gray sold down to about 12 percent s

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