First NZ Capital stands in the market for Infratil buyback
First NZ Capital stands in the market for Infratil buyback at up to $2.60 a share
Dec. 5 (BusinessDesk) – Brokerage First NZ Capital has been tapped to buy up to 24.8 million Infratil shares for as much as $2.60 apiece for the investment company’s on-market buyback.
Infratil’s shares last traded at $2.38 and have gained 4.9 percent this year. The stock is rated a ‘buy’ based on six analysts polled by Reuters, with a median price target of $2.81
The company is flush with cash after teaming with the NZ Superannuation Fund to raise $840 million from the selldown of Z Energy in August, even after delaying the $64 million buyback in order to buy about 20 percent of retirement village operator Metlifecare in October.
The stand in the market will be conducted under the ticker IFTX and start at midday. At that time trading in Infratil’s ordinary shares will be halted until the final price in the buyback is announced.