Utilico trims stake in Infratil to 11.8 percent via buyback, on-market sale

Monday 9th December 2013

Utilico Investments, a UK investor managed by Infratil director Duncan Saville's ICM, has reduced its stake in Infratil after participating in the Wellington-based company's buyback and selling shares on market.

Utilico's holding reduced to 11.8 percent from 13.3 percent after it sold 6.6 million shares in last week's buyback at $2.38 apiece and sold 5 million shares in March at $2.4015 a share, it said in a substantial security holder notice.

The UK firm's holding was reduced to around 13 percent in 2011 when it sold 15 million shares to HRL Morrison & Co, the Wellington-based investment bank that manages Infratil, and a further 15 million shares to a US institutional investor.

Utilico used to be known as Infratil International, whose directors included Saville, one of the original directors and a founder of Infratil.

Shares of Infratil last traded at $2.24 and are down about 1.3 percent this year.

BusinessDesk.co.nz

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