RNS Number : 2283K
Utilico Investments Limited
12 July 2011


For immediate release on 12 July 2011


Utilico Investments Limited


Portfolio update




Utilico Investments Limited ("UIL") has today sold 15.0m Infratil ordinary shares ("Infratil shares") at NZ$1.80 per share through the market to an institutional investor.


UIL has also today entered into an agreement to sell a further 15.0m Infratil shares to HRL Morrison & Co. Limited, Infratil's investment manager, at NZ$ 1.85 per share, conditional upon the approval of Infratil shareholders prior to 30 September 2011. The agreement provides that 10.0m Infratil shares will be settled shortly after Infratil shareholder approval with the remaining 5.0m Infratil shares due to settle on 30 March 2012. UIL will retain all dividends and other distributions and be able to vote the shares until settlement of each tranche.


These sales are together expected to reduce UIL's largest investment, Infratil, by some £28.5m to £78.0m, a reduction of 26.8%, and reduce Infratil from 25.4% of the portfolio to 18.6% (assuming funds are reinvested). While UIL has been both pleased with Infratil's operational performance and supportive of its investment manager, UIL believes that it is sensible to reduce its holding in Infratil and take advantage of the high NZ Dollar exchange rate. Initially the funds will be used to reduce UIL's bank debt which is drawn in NZ Dollars.  





Charles Jillings

Utilico Investments Limited

+44 1372 271 486


Alastair Moreton

Hannah Young

Westhouse Securities Limited

+44 207 601 6118


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