Duncan Saville’s Utilico takes 7.1% stake in Tourism Holdings
Utilico Investments, a UK investor managed by Infratil director Duncan Saville's ICM, has bought a 7.1 percent stake in campervan rental operator Tourism Holdings.
BUSINESSDESK: Utilico Investments, a UK investor managed by Infratil director Duncan Saville’s ICM, has bought a 7.1 percent stake in campervan rental operator Tourism Holdings.
Utilico emerged as a substantial shareholder after buying 7 million shares on market, according to a notice to the NZX. The shares traded at 63 cents yesterday, valuing the stake at $4.4 million.
Tourism Holdings was in play last year when Switzerland-based investor John Grace made a tilt at control, though his 67.5 cents a share offer failed to win over investors, falling below the independent stock valuation of the company at between 97 cents and $1.27.
The campervan company returned to profit in the second half of last year, with bottom-line earnings of $4.2 million on increased demand from the Rugby World Cup and a strong performance from its US business.
Saville is a director of Utilico’s investment manager ICM, and also sits on the board of Infratil and HRL Morrison and Co. More recently, his Australian non-bank lender Resimac bought a majority stake in local financial services firm NZF Group’s securitisation operations.
London Stock Exchange-listed, Utilico is the biggest shareholder of Infratil, even after selling down its stake in the infrastructure investment firm to 14 percent last year. The Wellington firm is its third-biggest holding at 18 percent of its assets.
Last year, Utilico unsuccessfully lobbied Infratil to realise its stake in Wellington International Airport.
Paul McBeth
Fri, 16 Mar 2012
Fri, 16 Mar 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Duncan Saville’s Utilico takes 7.1% stake in Tourism Holdings
19459