Morrison family sells down Infratil stake

JASON KRUPP
Last updated 14:06 13/12/2012

Relevant offers

Industries

Tim Murphy: Hilary Barry's popularity would rival the Prime Minister's Mediaworks' week of hell with Hilary Barry's resignation Editorial: Hilary is gone, and so too the cool dispassion of the newsreaders of the past Labour says Argentinian court case raises questions for OIO Kiwi Property open to sale of Wellington's Majestic Centre and Porirua's North City Dick Smith's misfortune proves a boon for other retailers "Make the World" project engineers change Wine industry heads deny demand for Marlborough sauvignon blanc declining Family of the late microlight pioneer Max Clear put his Te Kowhai airfield up for sale Aussie owner of Wellington offices gets OIO nod for $100m property fund

HRL Morrison & Co, the investment bank formerly headed by the late Lloyd Morrison, has sold 10 million Infratil shares to a group of institutional and high net worth investors, reaping a profit of about $3 million.

According to a statement filed with the NZX today, half of those shares were sold by HRL Morrison & Co, four million by trusts associated to the Morrison family, and one million by the investment bank's chief investment officer Lib Patenga.

The sale comes 18 months after HRL Morrison & Co. acquired 15 million Infratil shares from majority shareholder Utilico in deal cleared by the firm's investors. At the time IFT shares were trading at around $2 apiece.

Infratil and HRL Morrison chief financial officer, Kevin Baker, said the sell down represented an opportunity for HRL Morrison & Co. to realise the value of these shares given “there's been quite a bit of interest in the stock”.

Infratil's shares fell 2.1 per cent to $2.30 in early trade today, and have gained about 24 per cent over the pasty 12 months.

All-in-all, the sale was equal to about 1.7 per cent of Infratil's total shareholding.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content