Quadrant cedes control of Summerset in selldown via UBS NZ; stock halted

Sun, 17 Mar 2013

March 18 (BusinessDesk) – Quadrant Private Equity is ceding control of Summerset Group Holdings after agreeing to sell 40 million shares in the retirement village operator through brokerage UBS New Zealand. The sale amounts to 18.6 percent of the shares of Summerset, leaving the buyout firm with 37.2 percent of the company. Quadrant’s QPE Funds Management unit “remains a significant shareholder in Summerset and has advised that it is committed to supporting the future success of the company, including maintaining its current representation...

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