Lloyd Morrison goes on Infratil buying spree

Friday 16th March 2001

LLOYD MORRISON: Builds his stake in Infratil

By Nicholas Bryant

Infratil New Zealand founder Lloyd Morrison has put his money where his mouth is and become a substantial security holder in the company.

A longtime critic of financial institutions he claims have continuously undervalued Infratil, Mr Morrison and his business associate, Liberato Petana, have crossed the 5% substantial security holder threshold using their private company Hettinger Nominees.

Infratil's 2000 annual report shows Hettinger Nominees own 935,000 shares, only 0.5% of those on issue.

But a recent notice to the Stock Exchange shows Hettinger went on a 10.6 million-share buying spree between November 24, 2000 and January 24 this year.

Hettinger now owns 11.5 million shares for a 6.2% stake of issued stock.

The shares cost $1.18-$1.25 each.

Mr Morrison said the purchases reflected a greater focus by him and Infratil's management company Morrison & Co on Infratil New Zealand.

Last year Infratil Australia was taken over by Hastings Funds Management, while analysts are tipping Utilico, formerly Inftratil International, to be wound up.

The company has already repaid 40%of invested capital.

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