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

 


Coats chair Clasper to head GPG board

Coats chair Clasper to head GPG board

April 16 (BusinessDesk) - Mike Clasper, the chair of Coats, has been appointed chairman of the UK threadmaker’s parent Guinness Peat Group as the group gets closer to completing its shift to a new entity.

Along with Clasper’s appointment as chair, fellow Coats director Ruth Anderson has been appointed to the GPG board, the company said in a statement. Veteran New Zealand director Rob Campbell, who was brought in to oversee GPG’s winding down, will stay on the board as a non-executive director.

The company is still working with the UK Pensions Regulator over the group’s pension scheme obligations, and won’t have a formal hearing until the second half of the year if it can’t reach a settlement, GPG said. Once the pension obligations are sorted it plans to return capital to shareholders.

“Rob Campbell (the former GPG chair) has done an excellent job in overseeing GPG’s asset realisation programme and the ongoing investigation by the UK Pensions Regulator,” Clasper said. “I am very much looking forward to leading GPG through the next stage of its evolution and I am extremely pleased that Rob is remaining on the board to give us the benefit of his experience and insight.”

GPG has generated about $1.4 billion from the asset sale programme it embarked on in 2011 after a shareholder revolt over plans to split up the company along regional lines saw a board shake-out. It had cash of some $773 million as at Dec. 31 from $490 million a year earlier, and shareholders’ funds of $896 million, up from $876 million at the end of 2012.

Once the disputed pension obligations are dealt with and capital returned to shareholders, GPG will rebrand as Coats.

Shares in GPG were unchanged at 68 cents yesterday, and have gained 15 percent this year.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news