Morrison and Co, family sell down stake in Infratil

HRL Morrison & Co chief investment officer Lib Petagna

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Infratil manager HRL Morrison & Co, its chief investment officer Lib Petagna and trusts associated with the Morrison family have sold 10 million shares in the Wellington-based infrastructure investor to institutional and high net worth investors.

Morrison & Co and the Morrison family did not disclose what price they sold at, but Mr Petagna sold 1 million shares for $2.25 million, or $2.25 apiece. That is a 4.3 percent discount to yesterday's trading price. The shares have since declined 2.1 percent to $2.30.

The investment bank sold 5 million shares, taking its stake down to 36.3 million shares, or 6.2 percent of Infratil. The Morrison family sold 4 million shares, reducing its investment to 61.9 million shares, or 10.6 percent. Mr Petagna still holds 5.8 million Infratil shares.

Earlier this week the share price for Infratil's dividend reinvestment plan was set at $2.34, with allotment scheduled for December 14. The plan lets investors elect to take stock in lieu of cash payments.

The stock is rated an average "outperform" based on six analyst recommendations compiled by Reuters, with a median target price of $2.45.

Last year, Morrison & Co bought 15 million shares in Infratil at $1.85 apiece, or $27.8 million, from British firm Utilico Investments, an entity associated with long-time Infratil director Duncan Saville.

Since then, Morrison & Co founder and the brains behind Infratil, Lloyd Morrison, died after a three-year battle with leukaemia.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7100 0.0000 0.00%
AUD 0.9295 0.0000 0.00%
EUR 0.6459 0.0000 0.00%
GBP 0.4645 0.0000 0.00%
HKD 5.5084 0.0000 0.00%
JPY 88.1490 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1189.4 2.070 2015-05-29T00:
Oil Brent 66.1 -1.110 2015-05-29T00:
Oil Nymex 60.3 2.570 2015-05-29T00:
Silver Index 16.7 0.032 2015-05-29T00:

Indices

Symbol Open High Last %
NZX 50 5777.6 5844.9 5777.6 1.17%
NASDAQ 5093.1 5099.4 5098.0 -0.55%
DAX 11685.7 11704.4 11677.6 -2.26%
DJI 18128.1 18128.1 18126.1 -0.64%
FTSE 7040.9 7069.9 7040.9 -0.80%
HKSE 27398.3 27604.3 27454.3 -0.11%
NI225 20510.3 20636.4 20551.5 0.06%