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Saville's Utilico whittles down Infratil stake further
Saville's Utilico whittles down Infratil stake further
By Paul McBeth
March 18 (BusinessDesk) - Long-standing Infratil investor Utilico Investments has whittled down its shareholding even further, selling about 5 million shares to leave it with 3.6 percent of the infrastructure investment firm.
UK-listed Utilico, managed by Infratil director Duncan Saville's ICM Investment Management, sold the shares at an average price of $3.18 a share for almost $16 million, leaving it with 20 million shares, according to a notice to the stock exchange. Utilico was one the firm's biggest shareholders with a 20 percent stake before it started selling in 2010.
In the final six months of 2015, Utilico sold 5.5 million shares at an average price of $3.19, realising 7.6 million pounds, it said in its half-year report. The latest sale is worth about 7.6 million pounds based on the current exchange rate at 47.17 British pence.
Infratil shares slipped 0.2 percent to $3.195 today and have declined 2.3 percent so far this year. The stock is rated an average 'buy' based on five analyst recommendations compiled by Reuters, with a median price target of $3.52.
(BusinessDesk)
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