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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news