Sharechat Logo

Summerset Group 1st-qtr occupation right sales rise 20 percent vs. 4th-qtr

Friday 5th April 2013

Text too small?

Summerset Group, the retirement village operator and developer whose shares have climbed 78 percent in the past 12 months, said sales of occupation rights to its units rose by a fifth in the first quarter from the fourth quarter of last year.

Sales of occupation rights rose to 89 units in the first quarter, made up of 64 new sales and 25 resales, from 74 in the final three months of 2012, the Wellington-based company said. Sales were down 1 from the 90 sold in the first quarter of last year, which was made up of 38 new sales and 52 resales.

In February, Summerset reported that full-year profit more-than tripled, beating its prospectus forecast and announced a bigger than expected dividend. Its annual sales beat the company's target at 331 units.

The shares last traded at $2.74, valuing the company at $583 million, up from the $1.40 offer price when Australia's Quadrant Private Equity sold down its stake in a late 2011 initial public offering.

Quadrant sold a further 18.6 percent of Summerset last month, ceding control of the business and leaving it with 37.2 percent of the company.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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.

Related News:

Shares in Summerset Group halted as Quadrant Private Equity sells its stake
Summerset occupation rights sales grow 19 percent in 3Q
Summerset 1H profit almost triples as it sold more rights and land value doubled, shares gain
Summerset plans to list in Australia after investor demand in larger market
Summerset shareholder Quadrant promises exit will be 'orderly'
Summerset on track to meet 2013 build target, Barlow tells annual meeting
Summerset presses ahead with $100M Lower Hutt site
Quadrant completes sale of 18.6 percent of Summerset Group, trading halt lifted
Quadrant cedes control of Summerset in selldown via UBS NZ; stock halted
Summerset more than triples FY profit, beats expectations with dividend