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


© Scoop Media

Business Headlines | Sci-Tech Headlines


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news