The asset manager is the latest to sell a portion of its holdings in the garment maker as its stock price soared following the return of CEO Glenn Chamandy in May
for $181-million this month after leading a successful campaign in the spring to reinstate the T-shirt maker’s founder and replace the board.after the Montreal-based company’s share price soared subsequent to the return of chief executive officer Glenn Chamandy in May. In U.S. regulatory filings, Browning West said it needed to take profits after Gildan’s success made it an outsized holding in the Los Angeles-based fund manager’s portfolio.
In May, after a bitter proxy battle that cost the company $82-million, roughly 85 per cent of Gildan shareholders voted to replace the board and hand control back to Mr. Chamandy. This week, Browning West said it sold approximately 2.6 million Gildan shares at $69.50 each. In a filing, the fund manager said it took profits “to effectuate a rebalancing of Browning West’s portfolio in light of the significant appreciation in stock price.”
“We are proud of the role Browning West played to rebuild the governance of Gildan, and to restore Glenn Chamandy’s visionary leadership to an iconic Canadian and Quebec champion,” Mr. Nabi said.
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