Quadrant cedes control of Summerset, stock halted
Agreement reached to sell 40 million shares in the retirement village operator through brokerage UBS New Zealand.
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Quadrant Private Equity is ceding control of Summerset Group Holdings after agreeing to sell 40 million shares in the retirement village operator through brokerage UBS New Zealand.
The sale amounts to 18.6 percent of the shares of Summerset, leaving the buyout firm with 37.2 percent of the company.
Quadrant's QPE Funds Management unit "remains a significant shareholder in Summerset and has advised that it is committed to supporting the future success of the company, including maintaining its current representation on the board," Summerset chairman Rob Campbell says in a statement.
The sale would mark a successful part-exit for Quadrant, which acquired the 50 percent of Summerset it did not already own in 2010 from AMP Capital Investors New Zealand, selling down its holding again in 2011, when Summerset listed on the NZX.
Since then Summerset shares have soared 83 percent and last month the company announced it had more than tripled its net profit, beating the forecast from its 2011 prospectus, and would pay a bigger dividend than analysts were picking.
Last month also marked the end of the escrow period for Quadrant to keep its majority stake in the company.
The shares traded on Friday at $2.58. They have been halted for two days to enable the sale.
(BusinessDesk)
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Quadrant cedes control of Summerset, stock halted
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