18 Oct 2013

QPE sells Summerset stake

7:36 pm on 18 October 2013

A major shareholder in retirement village developer and operator Summerset Group Holdings has sold its stake.

Summerset's stock was put in a trading halt on Friday.

Australian QPE Funds Management requested Summerset put its stock in a trading halt in New Zealand and in Australia because it was in the process of selling its 23.2% stake. The 50 million shares sold for $3.10 each to a range of institutional and retail investors, both domestically and offshore.

QPE sold 19% of its holding in Summerset in March.

Summerset was listed on the New Zealand share market almost two years ago, and at the time of the listing QPE held 56% of the company's shares.

It listed at $1.40 in November 2011 and closed at $3.14 on Thursday night.

Summerset was also dually listed in Australia in July.

The retirement village operator more than doubled its net profit in the six months to the end of June, making nearly $11 million in net profit in the first half.