Morrison & Co's Lib Petagna drops more of Infratil stake
Stake in Infratil cut by almost three quarters for $27 million.
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HRL Morrison & Co's Lib Petagna has continued to sell his stake in Infratil [NZX: IFT] as he scales back his role with the investment bank managing the listed infrastructure investor.
JML Capital, an entity related to Mr Petagna, sold 2.1 million shares on market at $3.13 each on on January15, for a total of almost $6.6 million. This leaves Mr Petagna with just over 3 million shares, according to documents lodged with the NZX.
Since October 2014, Mr Petagna has cut his stake in Infratil by almost three-quarters, selling 8.38 million shares for $27.1 million.
Mr Petagna, who at times has been an executive director, chief investment officer and chief operating officer with Morrison & Co, is listed on the disclosure notice as a junior analyst at the investment bank.
"He's still active in the firm, but clearly there's been a transition going on for quite a while, and I would expect that to continue," Infratil and Morrison & co chief executive Marko Bogoievski says.
Mr Petagna was last listed as an executive in a share sale notice in January 2015, and is still a director of Morrison & Co and Infratil subsidiaries NZ Bus and Infratil Property. Last year his horse-racing interests attracted attention when Maygrove won the Wellington Cup.
Mr Bogoievski says the company has changed significantly since its inception in 1988, and Mr Petagna's former role as chief investment officer was shared out to deal with the increase in client and staff numbers.
"We've got quite a number of people now, in Australia, Wellington, Hong Kong and Auckland - the business has grown substantially," he says.
Infratil shares rose 0.5% to $3.155 today, and have fallen 4.1% this year.
(BusinessDesk)
Sophie Boot
Wed, 20 Jan 2016
Wed, 20 Jan 2016
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Morrison & Co's Lib Petagna drops more of Infratil stake
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