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US funds wants Toll NZ stake for long haul

<p>A US fund firm has denied claims it is trying to make a quick buck out of increasing its stake in Toll New Zealand.</p> <p>Third Avenue filed a substantial shareholder notice on Thursday (May 12) declaring that its stake had increased from 9.37% to 10.01%, the <em>Dominion</em> <em>Post</em> wrote.</p> <p>Controlling shareholder Toll Holdings, which owns 84.2% of Toll NZ, was reported to be unhappy with the situation, the paper said.</p> <p>But Third Avenue portfolio manager Amit Wadhaney insists the company is a long-term shareholder, supportive of Toll’s Holdings managing director Paul Little’s plans for the NZ operation.</p> <p>"I think he (Mr Little) is a breath of fresh air," Mr Wadhaney said.</p> <p>"Tranz Rail’s operating record was not exemplary in the past.</p> <p>"The involvement of Toll has really improved the company’s performance." </p> <br />