WELLINGTON May 17 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
Shares in Summerset, which had been on a trading halt, last
changed hands at NZ$3.00, valuing the stock that was sold at
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.