Summerset shares gain 2.6 percent after Quadrant sells remaining stake for $155 million

Fri, 18 Oct 2013

By Tina Morrison Oct. 18 (BusinessDesk) – Shares in Summerset Group Holdings climbed 2.6 percent after Australia’s Quadrant Private Equity sold down its remaining stake in the New Zealand retirement operator and developer for $155 million. Summerset shares rose 8 cents to $3.22 when they resumed trading at 3:30pm after being halted while the sale took place. QPE Funds Management, the Quadrant unit that held the stock, sold 50 million shares at $3.10 apiece to institutional and retail investors in New Zealand and overseas, Wellington-based Su...

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