Duncan Saville's Utilico takes 7.1% stake in Tourism Holdings

Friday 16th March 2012

Utilico Investments, a UK investor managed by Infratil director Duncan Saville’s ICM, has bought a 7.1 percent stake in campervan rental operator Tourism Holdings.

Utilico emerged as a substantial shareholder after buying 7 million shares on market, according to a notice to the NZX. The shares traded at 63 cents yesterday, valuing the stake at $4.4 million.

Tourism Holdings was in play last year when Switzerland-based investor John Grace made a tilt at control, though his 67.5 cents a share offer failed to win over investors, falling below the independent stock valuation of the company at between 97 cents and $1.27.

The campervan company returned to profit in the second half of last year, with bottom-line earnings of $4.2 million on increased demand from the Rugby World Cup and a strong performance from its US business.

Saville is a director of Utilico’s investment manager ICM, and also sits on the board of Infratil and HRL Morrison and Co. More recently, his Australian non-bank lender Resimac bought a majority stake in local financial services firm NZF Group’s securitisation operations.

London Stock Exchange-listed, Utilico is the biggest shareholder of Infratil, even after selling down its stake in the infrastructure investment firm to 14 percent last year. The Wellington firm is its third-biggest holding at 18 percent of its assets.

Last year, Utilico unsuccessfully lobbied Infratil to realise its stake in Wellington International Airport.

BusinessDesk.co.nz

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