Soros installs Szlezak on GPG board after taking 8% stake

Friday, 8 March 2013, 12:26 pm
Article: BusinessDesk

Soros installs Szlezak on GPG board after taking 8% stake

March 8 (BusinessDesk) – Billionaire George Soros has installed a director on the board of Guinness Peat Group after the Quantum Strategic Partners fund his firm manages took an 8 percent stake in the investment company last year.

GPG said Waldemar Szlezak, a representative of Soros Fund Management, was appointed as a non-executive director this week.

“I am pleased to have the expertise and market background which Mr Szlezak will bring to the board,” GPG chairman Rob Campbell said in a statement to the NZX. “I see this as part of the transition process as the focus of our business shifts to Coats and we attract a wider range of investors.”

GPG has been winding down its portfolio with the aim of returning funds to shareholders, leaving its sole asset as the Coats threadmaking business. It will be rebranded as Coats once other assets are sold.

As at Feb. 22, its remaining assets were valued at 216 million pounds and it held 275 million pounds in cash.

Excluding Coats, GPG's portfolio is now made up of New Zealand insurer Tower, agri-products producer Ridley Corp, property developer CIC Australia, and agri-investor PrimeAg.

GPG shares last traded at 60 cents.

(BusinessDesk)

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