Carter Group boss picks up Torchlight stake in Heartland
Phillip Carter, who also holds 1.8% of Pyne Gould, has now built up a 5.4% stake in Heartland.
BUSINESSDESK: Philip Carter, of Christchurch property investor Carter Group, has emerged as a major investor in would-be bank Heartland New Zealand after buying an $8 million stake from Pyne Gould's Torchlight Investment Group yesterday.
Mr Carter, who also holds 1.8% of Pyne Gould, has built up a 5.4% stake in Heartland, after buying 15.4 million shares from Torchlight in an off-market deal, according to a substantial shareholder notice.
Between March and July he bought almost 919,000 shares at an average 47 cents apiece to his 4.7 million shares.
Heartland's shares rose 3.9% to 53 cents, and have gained 8.2% this year. The stock is rated "outperform" according to the recommendations of two analysts compiled by Reuters, with a median target price of 60 cents.
Though yet to be confirmed, the Torchlight sale comes after the Pyne Gould unit reduced its stake last week, selling 7.5 million shares for $3.75 million in on-market trading.
That sale cut Torchlight's stake in Heartland to 7.8% from 9.8%, and the latest transfer will leave the Pyne Gould unit with about 3.9%.
Mr Carter's acquisition makes him the second-biggest shareholder behind Greg Tomlinson, whose Impact Capital was one of the lender's three underwriters in a $35 million capital raise last year.
The National Business Review's Rich List estimated Carter's wealth at $90 million in 2011. He is also a director of Christchurch International Airport.
Paul McBeth
Thu, 12 Jul 2012
Thu, 12 Jul 2012
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Carter Group boss picks up Torchlight stake in Heartland
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