Morrison and Co, family sell down stake in Infratil

HRL Morrison & Co chief investment officer Lib Petagna

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)

This article is tagged with the following keywords. Find out more about My 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 0.7301 -0.0029 -0.40%
AUD 0.9339 0.0058 0.62%
EUR 0.6459 -0.0035 -0.54%
GBP 0.4826 -0.0014 -0.29%
HKD 5.6631 -0.0191 -0.34%
JPY 86.0270 -0.0610 -0.07%

Commods

Commodity Price Change Time
Gold Index 1285.9 -6.240 2015-01-28T00:
Oil Brent 49.6 -1.150 2015-01-28T00:
Oil Nymex 44.5 -1.700 2015-01-28T00:
Silver Index 18.1 0.000 2015-01-28T00:

Indices

Symbol Open High Last %
NZX 50 5794.8 5820.0 5794.8 -0.60%
NASDAQ 4740.7 4742.1 4681.5 -0.93%
DAX 10666.4 10690.4 10711.0 -0.41%
DJI 17402.9 17484.4 17387.2 -1.13%
FTSE 6825.9 6825.9 6825.9 -0.79%
HKSE 24645.2 24739.2 24861.8 -1.07%
NI225 17666.9 17778.8 17795.7 -1.06%