About Us  |   Advertise  |   Contact Us  |   Terms & Conditions  |   RSS Feeds
 
Support our sponsors:
sharemarket

Quadrant selling down 37.2 percent stake in Summerset; shares halted

Friday 17th May 2013

Text too small?

Summerset Group shareholder Quadrant Private Equity is selling down its 37.2 percent stake in the retirement village operator, taking advantage of the stock's 34 percent advance this year.

QPE Funds Management, the Quadrant unit that holds the shares, "is in the process of selling part of its shareholding," Summerset said in a statement. QPE has asked Summerset to seek a trading halt for the transaction to proceed.

Shares of Summerset last traded at $3, valuing the company at $654 million, and have soared along with those of peers Ryman Healthcare and Metlifecare as investors are drawn to a sector with good growth prospects as the population ages.

Quadrant floated Summerset on the NZX in 2011, raising $123.6 million, made up of a partial sell-down and a primary capital raising of $50 million. The Australian private equity firm completed its full takeover of Summerset in 2010, buying the 50 percent it didn't own from fund manager AMP Capital Investors New Zealand.

An escrow period, preventing Quadrant from selling, ended in February, and it sold 40 million shares at $2.42 apiece in March. Last month, Quadrant managing director Chris Hadley said his buyout firm would reduce its holding in Summerset in a "very sensible fashion."

BusinessDesk.co.nz



Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

NZ dollar gains as RBNZ lifts rates, sees faster economic growth
Southern Cross Forest receiver to close sawmill, wind up Australian business
Brownlee takes hard-hitting rebuild report on the chin
CORRECT Chorus faces up to $10 mln earnings hit in 2014 from latest regulator pricing decision
FMA investigates whether banks breached financial markets laws on interest rate swaps to farmers
Chorus faces up to $10 mln earnings hit in 2014 from latest regulator pricing decision
Abano mulls rebel shareholder request for meeting, affirms support for Janes
Wheeler hikes OCR to 3 percent on inflationary pressures, eyes kiwi influence on import prices
While you were sleeping Wall Street slips
Equity crowd funding, latest step in much-hyped social capital, carries risks, high failure rate

 
Previous News
Bond
News Alerts
Breaking News 
After the Bell (daily) 
Gold News 

Unsubscribe/Update »

RSS feeds »
Twitter »
Facebook »

Most Commented On
  forex centre
cfd centre
options centre
NZX 15 Index

© Copyright 2014 MoneyOnline Ltd & Investment Research Group Ltd. All Rights Reserved.