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

 


Kerr too busy to attend Pyne Gould AGM, focuses on Perpetual

Kerr too busy to attend Pyne Gould AGM, focuses on Perpetual sale

Nov. 28 (BusinessDesk) – Pyne Gould Corp said its managing director and controlling shareholder George Kerr is too busy closing the sale of wealth manager Perpetual Group to attend the company’s annual meeting in Auckland today.

Kerr’s Australasian Equity Partners Fund No. 1 owns 76 percent of Pyne Gould, having failed this year to take the company private. He is currently overseas closing the deal, the company said in an update to the NZX today.

“Unfortunately I am unable to attend as we are working to a tight timeline to achieve a quality exit from Perpetual by calendar year’s end,” Kerr is quoted as saying in the statement. “This is a major priority to preserve value for shareholders.”

The annual shareholders’ meeting held at 2pm today on Level 17 of the AMP Centre in Auckland.

The shares last traded at 26 cents and have declined18 percent this year. Kerr paid 37 cents a share to take control of the company, while warning that the difficult process of selling assets meant Pyne Gould was no longer a generator of dividend income.

Selling Perpetual will leave Pyne Gould with no direct operating businesses in New Zealand. Its Torchlight Investment Group owns 19.7 percent of investor Torchlight Fund 1, which runs until 2019, and Torchlight Fund 2, which holds the remaining bad loans carved off when Marac Finance was sold into Heartland New Zealand.

Pyne Gould’s Torchlight Securities owns 27 percent of Equity Partners Infrastructure Company No. 1 which in turn owns 17 percent of UK motorway services company Moto International Holdings

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Constructions Builds: Consents Top $2 Billion For The First Time

Building consents reached a record $2 billion in March 2017, boosted by new homes and several big non-residential projects, Stats NZ said today. This was up 37 percent compared with March 2016. More>>

Other Stats:

Health: Work Underway To Address Antimicrobial Resistance

As part of a global response the Ministries of Health and Primary Industries have today jointly published ‘Antimicrobial Resistance: New Zealand’s current situation and identified areas for action’ to respond to the changing pattern of antimicrobial resistance in New Zealand. More>>

ALSO:

Employment: Vodafone Announces Family Violence Policy To Support Team

From today, any of Vodafone’s 3,000 workers affected by family violence will be eligible for a range of practical support, including up to 10 additional days of paid leave per year. More>>

Burning Up Over Saturn: Cassini's Grand Finale

With propellant running low, NASA scientists are concerned that the probe might accidentally crash into one of Saturn’s nearby moons, which could contaminate it with Earthling bacteria stuck to the spacecraft. Instead, the spacecraft will be safely "disposed" in Saturn's atmosphere. More>>

ALSO:

Our Fresh Water: Monitoring Report Confirms Serious Challenges For Rivers

• nitrogen levels are getting worse at 55 percent and getting better at 28 percent of monitored river sites across New Zealand • phosphorus levels are getting better at 42 percent and getting worse at 25 percent of monitored river sites across New Zealand More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news