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.