Brierley grabs 5.05% of cashed-up India Equities for A$293,714
July 20 (BusinessDesk) – Ron Brierley, the former chairman of Guinness Peat Group, has taken a 5.05% in India Equities Fund Ltd., a cashed-up investor in India that trades on the ASX, suggesting he may be seeking a new vehicle for investments.
Brierley made the purchase via a company called Siblow Pty, according to a statement to the ASX. He bought 6.1 million shares for A$293,714, which amounts to about 4.8 cents a share. The shares jumped 8% to 5.4 cents yesterday. Its net tangible assets were 6.06 cents a share as at June 30.
Brierley’s appearance on the share register has been welcome by India Equities’ major shareholder, Wilson Asset Management with 20%, according to the Sydney Morning Herald. That firm’s Geoff Wilson said it was “a strong endorsement of the board’s strategy,” the report said.
Guinness Peat is looking to sell down its assets and has gained U.K. High Court approval for a share cancellation scheme that paves the way for it to return $158 million to shareholders.
The investment company overhauled its governance after a shareholder revolt last year, with Brierley stepping down as chairman in December, and Sydney-based Gary Weiss relinquishing his seat at the board in April.
Brierley has been a corporate raider since the 1960s and founded Brierley Investments Ltd., once a giant of the New Zealand stock exchange and now renamed GuocoLeisure Ltd. with a primary listing in Singapore.