Heartland shares rise as Quadrant sells 9% stake

Thu, 07 May 2015

By Suze Metherell May 7 (BusinessDesk) - Shares of Heartland New Zealand rose after coming out of a trading halt as Quadrant Private Equity sells its 9 percent stake in the bank formed from the merger of Marac Finance with Southern Cross and Canterbury building societies. The Australian private equity firm put in a block order for its 8.75 percent stake, or 41.1 million shares, via brokerage First NZ Capital offering the shares at $1.30, a 1 cent discount to where the shares had last traded prior to the trading halt, the block trade anno...

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