With attached Block Trade Agreement
Disclosure of ceasing to have substantial holding
Section 25, Securities Markets Act 1988
To: NZX Limited
And: Summerset Group Holdings Limited
Date this disclosure made: 17 May 2013
Date last disclosure made: 17 May 2013
Substantial security holder(s) giving disclosure
Name(s): First NZ Capital Group Limited
Contact details: Hamish Cunliffe, + 64 9 302 5550, Hamish.cunliffe@fnzc.co.nz
Date on which substantial security holder(s) ceased to have substantial
holding: 17 May 2013
Summary of previous substantial holding to which disclosure relates
Class of listed voting securities: Summerset Group Holdings Limited ordinary
shares
Summary for: First NZ Capital Group Limited
For last disclosure,--
(a) total number held in class: 38,456,411
(b) total in class: 215,918,535
(c) total percentage held in class: 17.81%
For current holding after ceasing to have substantial holding:
(a) total number held in class: 10,453,900
(b) total in class: 215,918,535
(c) total percentage held in class: 4.84%
Details of transactions and events giving rise to person ceasing to have
substantial holding
Details of the transactions or other events requiring disclosure under the
instructions to this form: The relevant interest arose as a result of First
NZ Capital Group Limited being the holding company of Harbour Asset
Management Limited and First NZ Capital Securities Limited, which
collectively had a relevant interest in 17.81% of the shares in Summerset
Group Holdings (Summerset) following a purchase and sale commitment by First
NZ Capital Securities Limited in respect of 14.25% of the ordinary shares in
Summerset on 17 May 2013. That commitment has been completed (with the
result that First NZ Capital Securities Limited disposed of 12.97% of the
ordinary shares in Summerset on 17 May 2013 in off-market transactions to
retail and institutional investors at a price of $2.90 per share (an
aggregate of $89,207,282). First NZ Capital Group Limited''s substantial
holding has accordingly ceased.
Additional information
Nature of connection between substantial security holders: N/A
Address(es) of substantial security holder(s): Level 14, 171 Featherston
Street, Wellington.
Name of any other person believed to have given, or believed to be required
to give, a disclosure under the Act in relation to the securities to which
this disclosure relates: None
Declaration
I, Hamish James Cunliffe, declare that, to the best of my knowledge and
belief, the information contained in this disclosure is correct and that I am
duly authorised to make this disclosure by all persons for whom it is made.
End CA:00236390 For:SUM Type:SSH Time:2013-05-17 16:34:28