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

 


Utilico emerges as 13.6% holder of Smiths City

Utilico emerges as 13.6% holder of Smiths City as Rich Lister Holdworth sells out

By Jonathan Underhill

July 2 (BusinessDesk) - Utilico Investments, a UK investor managed by Infratil director Duncan Saville, has emerged with a 13.6 percent stake Smiths City Group after former Datacom chairman and NBR Rich Lister John Holdsworth sold his shares in the Christchurch-based retailer.

Utilico holds 7.1 million shares in Smiths City, according to a statement to the NZX. A separate notice says Holdsworth ceased to be a substantial holder, having sold about 2.7 million shares, or 5.1 percent of the company.

Trading in the retailer's shares show some 4.5 million changed hands yesterday at 51 cents apiece. The stock has fallen about 17 percent in the past 12 months, while the NZX 50 Index gained 16 percent. Smiths City was last at 54 cents.

Smiths City last week reported a 24 percent decline in annual profit, citing weaker sales of appliances, which offset better returns from furnishings, finance and property.

In December Utilico reduced its holding in Infratil to 11.8 percent from 13.3 percent and it now accounts for about 15 percent of Utilico's gross assets, as the second largest holding after Utilico Emerging Markets. Among its top 10 investments after financial services and investment companies, the Vix Group automated fare collection firm, wind power, waste treatment and oil services businesses.

Utilico, an exempted closed-end Bermuda incorporated investment company, is managed by ICM Limited, of which Saville is listed as one of two directors, according to its website.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bad Day For Rope: Donaghys Job Losses Another Blow To Dunedin

The loss of 30 jobs from Donaghys rope and twine factory is yet another blow to the people and economy of Dunedin, says Dunedin South Labour MP Clare Curran. More>>

ALSO:

Oil: 2014 New Zealand Petroleum Summit

Simon Bridges: Our abundance of energy and minerals resources provides us with unique opportunities to build the New Zealand economy.

Over the past three years the Government has made significant changes to how the sector is regulated. More>>

ALSO:

WWF Report: Solutions In Reach; World Biodiversity Suffers Major Decline

Global wildlife populations have declined by more than half in just 40 years as measured in WWF's Living Planet Report 2014. Wildlife's continued decline highlights the need for sustainable solutions to heal the planet... More>>

ALSO:

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news