Saville's Utilico whittles down Infratil stake further
Shares sell for $16 million.
Long-standing Infratil [NZX: IFT] investor Utilico Investments has sold about 5 million shares to leave it with just a 3.6% of the infrastructure investment firm.
UK-listed Utilico, managed by Infratil director Duncan Saville's ICM Investment Management, sold the shares at an average price of $3.18 apiece for almost $16 million, leaving it with 20 million shares, according to a notice to the stock exchange.
Utilico used to be known as Infratil International and was one the firm's biggest shareholders with a 20% stake before it started selling in 2010.
In the final six months of 2015, Utilico sold 5.5 million shares at an average price of $3.19, realising £7.6 million.
The latest sale is worth about £7.6 million based on the current exchange rate at 47.17 British pence.
Infratil shares slipped 0.2% to $3.195 today and have declined 2.3% so far this year. The stock is rated an average 'buy' based on five analyst recommendations compiled by Reuters, with a median price target of $3.52.
(BusinessDesk)
Paul McBeth
Fri, 18 Mar 2016
Fri, 18 Mar 2016
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Saville's Utilico whittles down Infratil stake further
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