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- Release Date: 18/10/13 17:29
- Summary: GENERAL: SUM: QPE Completes Final Selldown of Summset Stake
- Price Sensitive: No
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SUM
18/10/2013 15:29
GENERAL
REL: 1529 HRS Summerset Group Holdings Limited
GENERAL: SUM: QPE Completes Final Selldown of Summset Stake
NZX, ASX AND MEDIA RELEASE
18 OCTOBER 2013
QPE COMPLETES FINAL SELLDOWN OF SUMMERSET STAKE
Summerset Group Holdings Limited has been advised by its major shareholder,
QPE Funds Management ("QPE") that on 18 October 2013 QPE entered into an
agreement with First NZ Capital Securities, Macquarie Securities (NZ), Craigs
Investment Partners and Forsyth Barr Group to sell its remaining 23.2%
holding in Summerset, being 50 million shares, for NZ$3.10 per share.
The shares have been distributed to a range of institutional and retail
investors, both domestically and offshore.
"The Summerset Board welcomes new shareholders to the register and
appreciates the support shown to the business and its growth plans," says
Summerset Chairman Rob Campbell.
"The company has a strong capital structure and shareholding base, with a
good mix of investors, both in New Zealand and offshore."
The Board will be considering its future composition once the two Quadrant
directors leave the Board.
"This transition is being carefully managed to ensure continuity of strategy
and business operations and the most appropriate ongoing governance," says Mr
Campbell.
"The Board expresses its appreciation to Quadrant for its significant
contribution to the business."
Since listing in November 2011 Summerset's shareholder register has grown
from 1,215 investors to over 6,000 holders. This selldown will further expand
the shareholder base.
ENDS
For investor enquiries:
Julian Cook
Chief Financial Officer
[email protected]
04 894 7310 or 029 894 7310
For media enquiries:
Kimberley Rothwell
Communications Advisor
[email protected]
04 894 6993 or 027 601 2001
End CA:00242592 For:SUM Type:GENERAL Time:2013-10-18 15:29:16
