GPG realises 18.7M pounds in latest round of asset sales
Jan. 3 (BusinessDesk) - Guinness Peat Group, the investment firm liquidating its asset portfolio, has realised some 18.7 million pounds in the latest grab-bag of asset sales.
The firm, founded by Ron Brierley, reaped 8.8 million pounds from the sale of wholly-owned subsidiary Gosford Quarry Holdings and will keep the unit's Sydney property, which has redevelopment potential, for a later disposal, the company said in a statement.
The firm has also exited stakes in Metals X, GME Resources, Nationwide Accident Repair Services, Sysmedia Group and Touch Holdings for total cash proceeds of 9.9 million pounds. The Touch sale excludes loan repayments and has the potential for earnouts in 2014, GPG said.
GPG has been selling assets in a plan to return capital to shareholders, and ultimately aims to rebrand itself as its biggest asset, UK threadmaker Coats.
The shares were unchanged at 59.5 cents on Monday, having gained 3.5 percent through 2012. The stock is rated an average 'outperform' based on six analyst recommendations compiled by Reuters, with a median target price of 63.5 cents.