Shares in Summerset Group Holdings climbed 5c yesterday to $3.19 after Australia's Quadrant Private Equity sold down its remaining stake in the New Zealand retirement operator and developer for $155 million.
QPE Funds Management, the Quadrant unit that held the stock, sold 50 million shares at $3.10 apiece to institutional and retail investors in New Zealand and overseas, Wellington-based Summerset said.
"The Summerset board welcomes new shareholders to the register and appreciates the support shown to the business and its growth plans," said 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 final sell-down removes an overhang on the stock and means Quadrant has reaped about $424.4 million from a staged exit of its holding in Summerset, which is New Zealand's third-largest listed retirement village operator.