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

 

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

It's Spark Now:
Why Telecom Wanted To Change

New Zealand led the world when Chorus demerged from Telecom. It gave us a telecommunications industry structure where the network is completely separated from the products and services it delivers. The changes brought about a new market dynamic and it dramatically changed Telecom’s role. More>>

ALSO:

Glass Half Empty: Dairy Prices Fall To Lowest Since 2012

Dairy product prices slumped to the lowest level since October 2012 in the latest GlobalDairyTrade auction, paced by whole milk powder and cheddar. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news