NZ's Summerset Group's major shareholder cuts stake

WELLINGTON Thu May 16, 2013 11:30pm EDT

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WELLINGTON May 17 (Reuters) - The major shareholder in New Zealand retirement village operator Summerset Group Ltd has further cut its stake to 22.7 percent after selling down its interest, the company said on Friday.

Quadrant Private Equity Funds Management Ltd (QPE) sold 30.7 million shares or 14.2 percent of Summerset's shares to First NZ Capital. No price was given.

In March, QPE sold 40 million Summerset shares, around 19 percent of the company, but said it intended to remain a significant shareholder.

Shares in Summerset, which had been on a trading halt, last changed hands at NZ$3.00, valuing the stock that was sold at NZ$92.1 million.

Summerset chairman Rob Campbell said the shares had been sold to Australian and New Zealand investors.

"The sale has been supported strongly by existing and new shareholders. Particularly pleasing is the support from a range of Australian institutional investors," he said in a statement.

Last month, Summerset's annual meeting was told the company was on track to deliver 200 units this year, and was looking to also offer dementia care to its services.

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A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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