NZ's Summerset Group says QPE selling stake

WELLINGTON Thu Oct 17, 2013 4:52pm EDT

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WELLINGTON Oct 18 (Reuters) - New Zealand retirement village operator Summerset Group Ltd said on Friday that major shareholder QPE Funds Management is in the process of selling down its stake.

The company did not offer any details of the sell-down. The announcement comes after Summerset in March said that QPE Funds had sold 40 million shares, or 18.6 percent of shares outstanding, in the company.

Shares in the company closed at NZ$3.14 on Thursday. (Gyles Beckford)

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

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