Ann: SSH: SUM: SSH - First NZ Capital Group Limit

• Release Date: 17/05/13 18:23
• Summary: SSH: SUM: SSH - First NZ Capital Group Limited
• Price Sensitive: No
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SUM
17/05/2013 16:23
SSH

REL: 1623 HRS Summerset Group Holdings Limited

SSH: SUM: SSH - First NZ Capital Group Limited

Disclosure of beginning to have substantial holding
Section 22, Securities Markets Act 1988

To: NZX Limited
And: Summerset Group Holdings Limited
Date this disclosure made: 17 May 2013
Substantial security holder(s) giving disclosure
Name(s): First NZ Capital Group Limited
Contact details: Hamish Cunliffe, + 64 9 302 5550, [email protected]

Date on which substantial security holder(s) began to have substantial
holding: 17 May 2013
Summary of substantial holding to which disclosure relates
Class of listed voting securities: Summerset Group Holdings Limited ordinary
shares

Summary for: First NZ Capital Group Limited
For this disclosure,--
(a) total number held in class: 38,456,411
(b) total in class: 215,918,535
(c) total percentage held in class: 17.81%
Details of relevant interests currently in substantial holding
Details for: First NZ Capital Group Limited
Nature of relevant interest(s): Holding company of two subsidiaries which
collectively have a relevant interest in 17.81% of the shares in Summerset
Group Holdings Limited.  More specifically, First NZ Capital Group Limited is
the holding company of:
Harbour Asset Management Limited, which currently has a relevant interest in
4.74% of the ordinary shares in Summerset Group Holdings Limited (Harbour
Asset Management Limited has a relevant interest in these shares under
investment management contracts that give the powers of investment contained
in those contracts to acquire and dispose of interests in securities on
behalf, and for the benefit, of clients as the beneficial owner of the
securities. The investment management contracts appoint Harbour Asset
Management Limited as discretionary investment manager); and
First NZ Capital Securities Limited, which as a result of acting as a
purchaser of, and as broker to sell, voting securities by QFE Funds
Management Pty Limited, and as a result of normal prior trading activity, had
a relevant interest of 13.07% of the ordinary shares in Summerset Group
Holdings Limited on 17 May 2012.

A relevant agreement is attached between QFE Funds Management Pty Limited and
First NZ Capital Securities Limited.
For that relevant interest,--
number held in class: 38,456,411
(b) percentage held in class: 17.81%
(c) current registered holder(s) of securities: See table below
(d) registered holder(s) of securities once transfers registered: See
table below
Further details for each subsidiary are in the table below.
 Harbour Asset Management Limited First NZ Capital Securities
Limited
(a) number held in class: 10,224,900 28,231,511
(b) percentage held in class:
(c) current registered holder(s) of securities:
(d)  registered holder(s) of securities once transfers registered: 4.74%

 13.07%
QFE Funds Management Pty Limited
First NZ Capital Securities Limited

Details of transactions and events giving rise to person beginning to have
substantial holding
First NZ Capital Group Limited is the holding company of:
Harbour Asset Management Limited, which currently has a relevant interest (as
described above) in 4.74% of the ordinary shares in Summerset Group Holdings
Limited (being an aggregate of 10,224,900 ordinary shares) as a result of
various on-market trades over time (prior to the date of this notice
7,466,279 were held), and 2,758,621 additional shares were acquired on 17 May
2013 at a price of $2.90 per share (an aggregate of $29,652,210).
First NZ Capital Securities Limited, which currently has a relevant interest
(as described above) in 13.07% of the ordinary shares in Summerset Group
Holdings Limited (being an aggregate of 28,002,511 ordinary shares) as a
result of acting as a purchaser of, and as broker to sell, voting securities
by QFE Funds Management Pty Limited, and as a result of normal prior trading
activity (prior to the date of this notice 229,000 shares were acquired
through normal trading activity for an aggregate price of $2.9514) had a
relevant interest of 13.07% of the ordinary shares in Summerset Group
Holdings Limited on 17 May 2013 at a price of $2.90 per share (an aggregate
of $81,207,282).
Additional information
Nature of connection between substantial security holders: N/A
Address(es) of substantial security holder(s): Level 14, 171 Featherston
Street, Wellington.
Name of any other person believed to have given, or believed to be required
to give, a disclosure under the Act in relation to the securities to which
this disclosure relates: None
Declaration
I, Hamish James Cunliffe, declare that, to the best of my knowledge and
belief, the information contained in this disclosure is correct and that I am
duly authorised to make this disclosure by all persons for whom it is made.
End CA:00236388 For:SUM    Type:SSH        Time:2013-05-17 16:23:51