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Shares in Summerset Group halted as Quadrant Private Equity sells its stake

Friday 18th October 2013

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Summerset Group, New Zealand's third-largest listed retirement village operator, had its stock halted as its major shareholder Quadrant Private Equity sells its holding.

The Wellington-based company's shares will be placed in trading halt in New Zealand and a trading halt has also been requested in Australia to enable the transaction to occur, Summerset said in a statement. The halt will remain in place until a statement on the outcome of the sale is made, NZX Regulation said.

QPE Funds Management, the Quadrant unit that holds the shares, sold 14 percent of Summerset to Australian and New Zealand investors in May at $2.90 a share, retaining a stake of about 23 percent. Summerset shares closed yesterday at $3.14, having gained 40 percent this year.

Quadrant floated Summerset on the NZX in 2011, raising $123.6 million, made up of a partial sell-down and a primary capital raising of $50 million. The Australian private equity firm completed its full takeover of Summerset in 2010, buying the 50 percent it didn't own from fund manager AMP Capital Investors New Zealand.

An escrow period, preventing Quadrant from selling, ended in February, and it sold 40 million shares at $2.42 apiece in March.

BusinessDesk.co.nz



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