Morrison and Co, family sell down stake in Infratil
Ten million shares in the Wellington-based infrastructure investor have been sold to institutional and high net worth buyers.
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Infratil manager HRL Morrison & Co, its chief investment officer Lib Petagna and trusts associated with the Morrison family have sold 10 million shares in the Wellington-based infrastructure investor to institutional and high net worth investors.
Morrison & Co and the Morrison family did not disclose what price they sold at, but Mr Petagna sold 1 million shares for $2.25 million, or $2.25 apiece. That is a 4.3 percent discount to yesterday's trading price. The shares have since declined 2.1 percent to $2.30.
The investment bank sold 5 million shares, taking its stake down to 36.3 million shares, or 6.2 percent of Infratil. The Morrison family sold 4 million shares, reducing its investment to 61.9 million shares, or 10.6 percent. Mr Petagna still holds 5.8 million Infratil shares.
Earlier this week the share price for Infratil's dividend reinvestment plan was set at $2.34, with allotment scheduled for December 14. The plan lets investors elect to take stock in lieu of cash payments.
The stock is rated an average "outperform" based on six analyst recommendations compiled by Reuters, with a median target price of $2.45.
Last year, Morrison & Co bought 15 million shares in Infratil at $1.85 apiece, or $27.8 million, from British firm Utilico Investments, an entity associated with long-time Infratil director Duncan Saville.
Since then, Morrison & Co founder and the brains behind Infratil, Lloyd Morrison, died after a three-year battle with leukaemia.
(BusinessDesk)
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Morrison and Co, family sell down stake in Infratil
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