Bank sells down Infratil shares

HRL Morrison & Co, the investment bank formerly headed by the late Lloyd Morrison, has sold 10 million Infratil shares for about $2.25 each, to group of institutional and high net worth investors, reaping an estimated profit of about $3 million.

According to a statement filed with the NZX today, half of those shares were sold by HRL Morrison & Co, 4 million by trusts associated to the Morrison family, and 1 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 about $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.

The Dominion Post