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

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news