Friday 15th November 2013 1 Comment
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Infratil, the listed infrastructure investor, will continue with a planned buyback worth as much as $64 million after putting the plan on ice last month while it mulled another transaction.
Infratil plans to buy as many as 24.8 million of its own shares at a maximum price of $2.60 per share through a tender process open to all shareholders on Dec. 5, the Wellington-based company said in a statement.
The company is undertaking the buyback in an attempt to lift the value of its shares closer to what it says is a more appropriate value.
Infratil delayed the buyback last month while it investigated taking a stake in retirement village operator and developer Metlifecare, along with the New Zealand Superannuation Fund. The partners who jointly purchased and then partially floated Z Energy will each have a 19.9 percent stake in Metlifecare.
Shares in Infratil last traded at $2.40, and have gained 5.7 percent this year.
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