Infratil sheds some POT shares

The company says it has sold 3.568 million shares at $5.95 per share compared to an average cost price of around $1.70.

That gives the company a premium of $15.16 million for the stake on its purchase price of $6.06 million.

The placement reduces Infratil's holding in Port of Tauranga from 24.7% to 19.99%.

"Infratil has made the placement at this time because of the imminent introduction of the Takeovers Code," the company says in a statement.

"Post 1 July, Infratil sees greater strategic value in a shareholding of 19.99%, rather than 24.7%."

After July 1, if a shareholder in a company wants to move above a 20% stake with voting rights they will have to make a full offer to all other shareholders on the same terms for 50% of the company.

Once the 50% mark has been reached the majority shareholder can then buy up to 5% more shares a year without having to make the offer available to other shareholders.

Infratil says it has no plans to sell its remaining shareholding in POT.

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