Obviously the 56 per cent rally in Z shares since then, to a record close of $6.63 on Tuesday, convinced Infratil and the Super Fund that it was time to sell.
Through a more than $700 million block trade this week, Infratil offloaded its entire 20 per cent stake at $6 per share, while the Super Fund reduced its stake to just over 10 per cent, selling shares at the same price.
Cashed up
Z has been a hugely profitable venture for the two investors.
They purchased the downstream assets of Shell New Zealand for $696 million in 2010, rebranded the operations as Z, and then raised $840 million through floating the business on the sharemarket in 2013, which reduced their shareholdings to 20 per cent each.
The Super Fund, which initially invested just under $210 million into Shell, says it has now reaped $784.6 million in proceeds from the investment, while its remaining shares are worth $246.6 million based on the $6 block trade price.
That's great, but a major contributor to Z's rally this year has been the company's June announcement of plans to acquire Caltex operator Chevron NZ.
The mix of retail and institutional investors who have bought into the block sale have taken a punt on Z receiving the Commerce Commission approval it still requires to get the deal over the line.
Z will end up with a 49 per cent share of the fuel market if the $785 million sale goes ahead.
Z shares closed down 82c, or 12.37 per cent, at $5.81 last night. Infratil shares finished the day down 5c, or 1.63 per cent, at $3.01.
New pastures
Infratil, which will book a $392 million profit from selling its Z stake, says the proceeds of the sale will be used for new growth opportunities.
That plan has received the thumbs up from one shareholder in the infrastructure investor.
James Lindsay, senior portfolio manager at Nikko Asset Management, says he's happy for the cash to be directed into fresh investments.
"Over the years they've done a pretty good job of finding new assets at reasonable prices," he says. "Z has been a phenomenal investment for them."
In another announcement, Infratil yesterday said it would carry out a bond issue to raise up to $150 million as it looks to acquire Australian renewable energy firm Pacific Hydro.
Bring home bacon
Mad Butcher chief executive Michael Morton enjoyed a tidy pay rise in the last financial year.
His salary jumped more than 50 per cent to $271,961 in the year to June 30 from $180,000 in the previous year, according to the latest annual report from the butchery chain's NZX-listed parent company, Veritas Investments.
He got another $40,000 in directors fees for his board role with Veritas.
While his pay packet remains modest compared with other CEO salaries, the increase may raise a few eyebrows among investors given Veritas' recent performance.
The food and beverage investor posted a 23 per cent drop in annual profit to $3.3 million in August and its shares have fallen more than 60 per cent this year. The shares closed unchanged at 48c last night.
Veritas chairman Tim Cook says Morton, who owns 34.7 per cent of Veritas, received a $180,000 annual salary when Mad Butcher was privately owned, prior to the listed firm's 2013 purchase of the chain.
"On acquisition of the Mad Butcher business he agreed to remain on this level for the first full year under Veritas ownership, then it was reviewed to market and agreed at the present level, which includes a vehicle allowance, for his role as CEO."
Still a bull
The NZ Super Fund remains bullish on China's volatile equity markets, despite a mega sell-off that has erased trillions of dollars in shareholder value this year.
Speaking at the Milkin Institute's Asia Summit in Singapore this month, chief executive Adrian Orr was reported by CNBC as saying the upheaval in Chinese stocks was "just the standard path of volatility".
"Absolute growth will continue in these parts of the world," he said.
The Shanghai Composite Index has plunged 40 per cent since mid-June after soaring 150 per cent in the previous 12 months.
Orr told the summit that about 12 per cent of the nearly $30 billion Super Fund was invested in emerging markets.
"A big chunk is China and China exposure. And we're very comfortable with that," he said.
"We have no alternative. It's a huge part of the growth engine of the world."