Tauranga Consumer Trust sells 20M Trustpower shares for $154.8M

Thu, 23 Apr 2015

By Tina Morrison April 23 (BusinessDesk) - Trustpower shareholder Tauranga Energy Consumer Trust sold 20 million shares in the power company for $154.8 million as it aims to diversify its investments away from a sole holding in the power company. The trust reduced its stake to 26.8 percent from 33.2 percent after receiving a mandate from its consumer owners in 2013 to sell down this portion of its holding. Most of the shares were sold to New Zealand institutions and retail investors, with a small amount bought by Australians. The price of...

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