First NZ Capital stands in the market for Infratil buyback at up to $2.60 a share

Brokerage First NZ Capital has been tapped to buy up to 24.8 million Infratil shares for as much as $2.60 apiece for the investment company's on-market buyback.

Infratil's shares last traded at $2.38 and have gained 4.9 percent this year. The stock is rated a 'buy' based on six analysts polled by Reuters, with a median price target of $2.81

The company is flush with cash after teaming with the NZ Superannuation Fund to raise $840 million from the selldown of Z Energy in August, even after delaying the $64 million buyback in order to buy about 20 percent of retirement village operator Metlifecare in October.

The stand in the market will be conducted under the ticker IFTX and start at midday. At that time trading in Infratil's ordinary shares will be halted until the final price in the buyback is announced.

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained
Devon Funds Morning Note - 23 April 2024
April 23rd Morning Report
RYM - Group CEO Update
BGI - Director Michael Chai
RAD - Final Dividend and Strong FY24 Operating Performance
RYM - Group CEO Update