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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news