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

 


Pyne Gould plunges 19 percent to record low on NZ exit plans

Pyne Gould plunges 19 percent to record low after annual meeting

By Paul McBeth

Nov. 29 (BusinessDesk) - Shares in Pyne Gould Corp plunged to a record low after yesterday's annual meeting where chairman Bryan Mogridge told investors the firm will probably quit New Zealand.

The stock sank 19 percent to 22 cents in trading this morning, with about 0.08 percent of shares on issue changing hands. The shares have shed a third of their value this month, and are now trading at a 41 percent discount to what managing director and controlling shareholder George Kerr paid earlier this year.

Kerr paid 37 cents a share to take control of the company with 77 percent, while warning that the difficult process of selling assets meant Pyne Gould was no longer a generator of dividend income.

The trading comes a day after the company's annual meeting in Auckland, where chairman Mogridge repeated his warning that the company won't pay dividends and told investors the board is “seriously considering the domicile of the company,” which is unlikely to be New Zealand, and will update the market on its decision when it is made.

The firm has almost exited its last New Zealand asset, with Kerr overseas trying to finalise a deal to sell the Perpetual wealth management assets. It had previously sold the corporate trust unit in a management buy-out.

Pyne Gould is looking to get a return of more than 15 percent over a decade on its $97.5 million of net assets.

Its Torchlight Investment Group owns 19.7 percent of investor Torchlight Fund 1, which runs until 2019, and Torchlight Fund 2, which holds 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

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news