Summerset shares fall 3.5 percent after Auckland Council turns down Hobsonville consent

Wed, 20 Feb 2013

By Paul McBeth Feb. 21 (BusinessDesk) - Shares in Summerset Group fell 3.5 percent after Auckland Council turned down the retirement village operator and developer's application to build a new village in Hobsonville, a decision it plans to appeal. Chief executive Norah Barlow said the decision was disappointing, but won't impact on the Wellington-based company's build rate of 200 units this year and 300 units by the end of the 2015 financial year. Summerset announced the 7.6 hectare purchase last year. The shares fell 9 cents to $2.45 in tra...

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