NZ Super Fund reduces stake in Z Energy
POSTED ON: 1 October 2015
The NZ Super Fund has concluded its sale of a 9.725% interest in Z Energy Limited (38.9m shares) in a joint block trade process with Infratil Limited. The price achieved was $6.00 per share.
The NZ Super Fund will continue to hold slightly more than 10% of the company. The majority of this stake will be managed by Morrison & Co. as part of its global infrastructure mandate with the Fund. The NZ Super Fund’s total exposure to Z Energy will also include holdings within its mandates with internal and external New Zealand active equities managers. The size of these holdings will vary over time according to the decisions made by these managers.
NZ Super Fund return on investment
The NZ Super Fund, which initially invested $209.8 million in purchasing 50% of Z Energy, has now received $784.6 million in proceeds from the investment while the value of the Fund’s remaining 10.275% stake is $246.6 million (at the block trade sale price). This reflects a gross return of 50% p.a. over the five year investment period to date.
Chief Investment Officer Matt Whineray said Z Energy had been one of the Fund’s top performing investments globally. “Reducing the Fund’s stake allows us to further diversify our portfolio and realise value from what has been a successful investment. We remain positive about the company’s future prospects and look forward to continuing our relationship.”
Media contact: Catherine Etheredge, Head of Communications, +64 274 777 501, [email protected]