Infratil shares below buyback price
Infratil shares have dropped 18 cents following the completion of its on-market buyback worth $59 million.
The listed infrastructure company went into a trading halt this afternoon after announcing last month that it planned to buy back up to 24.8 million of its shares at a maximum price of $2.60 a share.
The shares were acquired for Infratil by brokerage First NZ Capital, at a price of $2.38 a share, for a total purchase of $59m.
Shares in the company resumed trading this afternoon, and have since dropped 18c, or nearly 8 per cent, to trade at $2.20.
Its buyback shares will be held as Treasury stock, reducing total ordinary shares to 561.4 million.
The buyback was postponed from October while the company invested in Metlifecare and an Australian Private Public Partnership (PPP) arrangement.
It bought a 19.9 per cent stake in NZX-listed eldercare firm Metlifecare for $148m.
It would complete its A$100m ($115m) greenfield availability-based PPP in Australia via the Australia Social Infrastructure Partners platform before the end of the year.
Last month, Infratil announced a six-month operating profit of $230m to the end of September.
An interim dividend of 3.75c a share was announced, to be paid on December 13.