Quadrant completes sale of 18.6 percent of Summerset Group, trading halt lifted

Quadrant Private Equity has completed its sale of 18.6 percent of Summerset Group and the retirement village operator's shares have been taken off trading halt.

The sale of the 40 million shares was managed by UBS New Zealand. It leaves Quadrant with 37.2 percent of the company.

Quadrant acquired the 50 percent of Summerset it didn't already own in 2010 from AMP Capital Investors New Zealand, selling down its holding again in 2011, when Summerset listed on the NZX.

Since then Summerset shares have soared 83 percent and last month the company announced it had more than tripled its net profit, beating the forecast from its 2011 prospectus, and would pay a bigger dividend than analysts were picking.

Last month also marked the end of the escrow period for Quadrant to keep its majority stake in the company.

The shares traded on Friday at $2.58. They have been halted for two days to enable the sale.

BusinessDesk.co.nz

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