Quadrant sells down Summerset stake at $2.90 a share, raising $89 mln

Fri, 17 May 2013

Summerset Group shareholder Quadrant Private Equity sold down its stake in the retirement village operator at $2.90 a share, raising some $89 million, and taking advantage of the stock’s 34 percent advance this year. QPE Funds Management, the Quadrant unit that holds the shares, has entered into an agreement with First NZ Capital to sell 30.7 million shares, or 14 percent, of Summerset to Australian and New Zealand investors, Summerset chairman Rob Campbell said in a statement. Quadrant will keep 49.1 million shares, or about 23 percent. “The...

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