30 Jul 1999
Infratil today announced that it has entered into unconditional agreements for sale and purchase with Palmerston North City Council and CentralPower Electricity Trust in respect of 16% of its 21% shareholding in CentralPower.
The sale price is $4.31 per share and the total purchase price is $45.8 million.
Mr Kevin O'Connor, Chairman of Infratil, said:
"Infratil is pleased to sell this large parcel of its CentralPower shares at a significant premium over recent market transactions."
Recent sales of CentralPower shares have been at $3.30 per share. Infratil's average cost price per CentralPower share is $2.10.
Mr O'Connor also said:
"While we have had to sell these shares in order to comply with the Electricity Industry Reform Act, this transaction again indicates the value created through Infratil's strategy of long term supportive holdings in infrastructure assets."
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