A shareholder critical of DavidsTea Inc. co-founder Herschel Segal says it has sold most of its holdings in the tea company.
TDM Asset Management Pty Ltd. says it recently sold 579,902 shares, raising the total number of shares it has unloaded since June 15 to 2.7 million, which is roughly a 10.6-per-cent stake in the company.
The Australian-based company says it has received an average price of US$3.43 a share for a total of US$9.38-billion.
Prior to the sales, TDM owned a more than 12.2-per-cent stake in DavidsTea. It still has 425,109 shares, or a 1.6-per-cent stake.
TDM was one of three large shareholders that failed in a fight against Mr. Segal’s slate of director nominees, questioned Mr. Segal’s turnaround plan and accused him of trying to acquire the company without paying a premium.
Shares of DavidsTea traded for nearly US$30 in 2015. The shares were down 10 U.S. cents at US$2.31 in trading Tuesday on the Nasdaq.