Utilico trims Infratil stake
Infratil director Duncan Saville has trimmed his stake in the listed infrastructure firm, netting his Bermuda-based investment fund, Utilico, $39 million.
A substantial security-holder notice posted to the NZX this morning said that over the past month, Utilico reduced its stake in Infratil to 8.8 per cent from 11.8 per cent.
The sale of 17 million shares nets $39m for Utilico, formerly known as Infratil International.
The move follows a similar trim last year for Utilico that reduced its stake in Infratil from 13.3 per cent.
Saville has a long association with Infratil, having been appointed as a director in 1994, and he is also a director of Infratil's manager, HRL Morrison & Co.