Utilico says don't sell

Utilico says it is currently involved in a transaction which may have a favourable impact on its net asset backing, and it expects to release more information within the next week.

In May the company announced plans to hold a meeting to return around $15 million cash back to shareholders, adding to a capital payment which took place in December last year.

UIL's only non-cash holding is a 50% share in CSX World Terminals Brisbane, which in May had an historic value of $5.8 million. At that time the company had cash and net receivables of $23.6 million.

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