GPG accelerates investment wind-down with $125.9M in sales
Nov. 6 (BusinessDesk) - Guinness Peat Group, the investment firm liquidating its portfolio, accelerated its wind-down this week with some $125.9 million in asset sales.
Since selling its stake in Australian wealth manager ClearView Wealth last month, GPG has sold four direct investments and stands to reap some $34.7 million from Tower's sale of its medical insurance unit. The company has sold more than half its portfolio since embarking on the liquidation plan last year.
GPG sold its 73 percent stake in Green's General Foods for some A$38 million, and a 10.2 percent investment in Tourism Asset Holdings for A$20 million.
It also received A$4.6 million in a capital return from PrimeAg Australia as the ASX-listed company looks to sell or wind itself up, and stands to receive 6.4 million pounds from a share buyback in Newbury Racecourse.
The investment company will rename itself Coats "at the point when GPG shareholders’ investment is predominantly represented" by the UK threadmaker's business. That's expected to happen in the second half of next year.
Last week GPG increased its share buyback target to 70 million pounds from 10 million pounds. The shares were unchanged at 57 cents yesterday.