Utilico sells Tourism Holdings stake for $5.7 mln

Utilico Investments, a UK investor managed by Infratil director Duncan Saville's ICM, has sold its 8.6 percent stake in rental campervan operator Tourism Holdings for some $5.7 million.

The firm sold about 8.4 million shares on market yesterday, according to a substantial shareholder notice. Reuters data showed one trade of 8.5 million shares yesterday at 68 cents apiece, accounting for most of the 10.5 million shares traded in the single biggest day of trading since March 15 last year.

The stock closed at 69 cents, up 4.6 percent, and unchanged since the start of the year.

Utilico emerged as a substantial shareholder in March last year, buying 7 million shares on market when the stock was trading at 63 cents.

Last week, Tourism Holdings reported an 11 percent decline in earnings before interest, tax and financing costs to $14.6 million in the 12 months ended June 30, within the company's forecast of $14 million to $16 million and ahead of downbeat expectations.

The buyer of the stake hasn't yet issued a substantial shareholder notice to the stock exchange.

BusinessDesk.co.nz

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