Hutt Mana Energy Trust sells NGC stake

Community-owned Hutt Mana Energy Trust has sold 15.5 million shares, nearly a 2 per cent stake, in NGC Holdings.

The placement was made at $1.40 a share (a 5.4 per cent discount to Monday's closing price of $1.48) and values NGC at about $1.08 billion.

Hutt Mana Energy Trust has been a shareholder in NGC since the company bought power generator and retailer TransAlta New Zealand in 2000.