TIL shares fall; sell-down demand muted

Wednesday 10th October 2018

Shares in trucking operator TIL Logistics fell to a five-week low after two major investors had to settle for selling shares at an almost 10 percent discount, and managed to sell less than a third of the stock they offered.

Bowker Holdings and Kern Group had intended to sell up to 12 million shares, or 14.5 percent of the New Plymouth-based trucking and logistics firm.

But in the book-build completed yesterday they sold only 3.47 million shares at $1.50. That is the same price at which the firm issued new shares in October and for the purchase of Specialised Lifting and Transport Group it announced last week.

TIL shares, which were halted on Monday for the sale, fell 6.6 percent to $1.55, the lowest since August. They are down 22 percent this year.

TIL has more than 900 trucks nationwide, including its Pacific Fuel Haul tanker business and general freight operations that include major brands like TNL, Hooker Pacific and Roadstar.

Bowker, which retains almost 78.4 percent of the firm after the sale, had been planning to sell up to 10.4 million shares. The company, controlled by the owners of the Hooker Brothers transport group, including TIL executive director Jim Ramsay, chief financial officer Greg Whitham and marketing general manager Alan Terris, sold almost 2.47 million.

Kern Group, controlled by TIL director Greg Kern, had planned to sell 1.6 million shares. It sold one million shares, reducing its stake to 5.5 percent.

(BusinessDesk)

Comments from our readers

No comments yet