Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Brierley grabs 5.05% of cashed-up India Equities for A$294K

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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Suspected Black Widows: Table Grapes Withdrawn From Sale Following Spider Discovery

The Ministry for Primary Industries (MPI) is working closely with New Zealand produce retailers to have all imported Mexican table grapes withdrawn from sale following the discovery of spiders in a small number of consignments. More>>

ALSO:

Crown Accounts: 11-Month Surplus Beating Forecasts

Once minority interests’ share of revenues and expenses are removed, the total Crown’s operating balance before gains and losses (OBEGAL) was a surplus of $1,176 million in the eleven-month period. This compares to a forecast surplus of $193 million. More>>

ALSO:

Development: Screen Precinct Earmarked For Hobsonville Point

Auckland Council’s Auckland Development Committee has today passed a recommendation to create a screen precinct on council-owned land at Hobsonville Point. More>>

ALSO:

Scoop Business: NZ Business Confidence Plummets To Lowest Level Since GFC

New Zealands business confidence plunged to the lowest level in three years in the second quarter as companies became pessimistic about profitability expectations. More>>

ALSO:

Oceans: NZ Jumps Into International Shark Agreement

New Zealand has boosted the protection of sharks by signing the Memorandum of Understanding on the Conservation of Migratory Sharks. More>>

ALSO:

Insurance: EQC To Double Payout, Scrap Contents Insurance

New Zealand’s Earthquake Commission may double its payout amount, scrap contents insurance and process claims through private insurers under the government’s long-running review of funding and management of the state-run earthquake insurer. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news