Utilico cuts stake in Wellington's Infratil via buyback
UK-based company Utilico Investments has cut its stake in Wellington-based energy operator Infratil via a stock buyback agreement and an on-market share sale, according to The National Business Review (NBR). Utilico reduced its holding from 13.3% to 11.8% after the said buyback agreement last week. The firm sold 6.6 million shares at USD2.38 apiece. According to a substantial security holder notice, the company also sold 5 million shares in March at USD2.4015 apiece, the report detailed.
In 2011, the UK firm reduced its holding to 13% after selling 15 million shares to Wellington investment bank HRL Morrisson & Co, the bank that manages Infratil. Utilico sold a further 15 million shares to a US-based institutional investor, the report said.
Utilico was previously known as Infratil International. The company's directors include Duncan Saville, a founder of Infratil. Utilico is presently managed by ICM, Saville's investment management firm, the report stated.
Infratil shares last traded at USD2.24 and are down around 1.3% in 2013, NBR reported.
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