20 May 2013

Quadrant tipped to exit Summerset

9:52 am on 20 May 2013

The chairman of Summerset says its major shareholder will eventually sell its entire stake in the retirement village operator.

Quadrant Private Equity further reduced its stake in Summerset on Friday, cutting its stake from 37% to 22%.

This follows the sale of a large chunk of shares in March.

Summerset chairman Rob Campbell says it's good news for the company, because it means more shares will be available to Australian institutions when the company lists on the ASX later this year.

And he says Quadrant will eventually sell all its holding in Summerset.

Mr Campbell says Quadrant is a private equity firm which is bound over time to return the value of its investment to its investors.