Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Quadrant cedes control of Summerset in selldown

Quadrant cedes control of Summerset in selldown via UBS NZ; stock halted

March 18 (BusinessDesk) – Quadrant Private Equity is ceding control of Summerset Group Holdings after agreeing to sell 40 million shares in the retirement village operator through brokerage UBS New Zealand.

The sale amounts to 18.6 percent of the shares of Summerset, leaving the buyout firm with 37.2 percent of the company.

Quadrant’s QPE Funds Management unit “remains a significant shareholder in Summerset and has advised that it is committed to supporting the future success of the company, including maintaining its current representation on the board,” Summerset chairman Rob Campbell said in a statement.

The sale would mark a successful part-exit for Quadrant, which acquired the 50 percent of Summerset it didn’t already own in 2010 from AMP Capital Investors New Zealand, selling down its holding again in 2011, when Summerset listed on the NZX.

Since then Summerset shares have soared 83 percent and last month the company announced it had more than tripled its net profit, beating the forecast from its 2011 prospectus, and would pay a bigger dividend than analysts were picking.

Last month also marked the end of the escrow period for Quadrant to keep its majority stake in the company.

The shares traded on Friday at $2.58. They have been halted for two days to enable the sale.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news