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

 

Taxing Multinationals: EU Ruling Sours Apple

Shares of Apple slid, down 0.9 percent as of 3.08pm in New York, after the European Commission ruled that Ireland granted the company undue tax benefits of up to 13 billion euros (US$14.5 billion)—"illegal aid” under EU rules that the commission says Ireland now must recover from Apple. More>>

ALSO:

NZX Review: Best Practice Code Recommends Code Of Ethics

NZX, the sharemarket operator, is seeking feedback on proposed changes to its corporate governance best practice code including a published code of ethics, rules about share trading and continuous disclosure, and more transparency over board appointments and chief executive pay. More>>

ALSO:

Auditors:

Signs Of Life? SETI On Russian Space(?) Signal

A star system 94 light-years away is in the spotlight as a possible candidate for intelligent inhabitants, thanks to the discovery of a radio signal by a group of Russian astronomers... Could it be a transmission from a technically proficient society? At this point, we can only consider what is known so far. More>>

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news