Morrison & Co, Morrison family sell down stake in Infratil

Thursday 13th December 2012

Infratil manager HRL Morrison & Co, chief investment officer Lib Petagna and trusts associated with the Morrison family have sold 10 million shares in the Wellington-based infrastructure investor to institutional and high net worth investors.

Morrison & Co and the Morrison family didn't disclose what price they sold at, but Petagna sold 1 million shares for $2.25 million, or $2.25 apiece. That's a 4.3 percent discount to yesterday's trading price. The shares have since declined 2.1 percent to $2.30.

The investment bank sold 5 million shares, taking its stake down to 36.3 million shares, or 6.2 percent of Infratil. The Morrison family sold 4 million shares, reducing its investment to 61.9 million shares, or 10.6 percent. Petagna still holds 5.8 million Infratil shares.

Earlier this week the share price for Infratil's dividend reinvestment plan was set at $2.34 with allotment scheduled for Dec. 14. The plan lets investors elect to take stock in lieu of cash payments.

The stock is rated an average 'outperform' based on six analyst recommendations compiled by Reuters, with a median target price of $2.45.

Last year, Morrison & Co bought 15 million shares in Infratil at $1.85 apiece, or $27.8 million, from British firm Utilico Investments, an entity associated with long-time Infratil director Duncan Saville.

Since then, Morrison & Co founder and the brains behind Infratil, Lloyd Morrison, died after a three-year battle with leukaemia.

BusinessDesk.co.nz

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