AUCKLAND: Infratil Limited has approved the on-market acquisition of $20 million of Infratil shares on behalf of certain Morrison & Co executives and Morrison & Co.
The shares to be acquired for Morrison & Co executives are subject to a lock-up between Morrison & Co and the executives of between 12 and 24 months.
Approval for the acquisition was obtained by Morrison & Co in accordance with Infratil’s Financial Product Trading Policy.
Mark Tume, Infratil’s Chairperson, said that “the participation by Morrison & Co executives in an Infratil share-based retention plan established by Morrison & Co is a vote of confidence in Infratil’s recent performance and demonstrates their conviction in the long term growth prospects of the Infratil portfolio”.
Details of the acquisition of shares, once completed, will be announced to the NZX.