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


Pyne Gould looks to oust EPIC directors, boost its stake

Pyne Gould looks to oust EPIC directors, boost its stake to 49%

By Suze Metherell

Sept. 16 (BusinessDesk) - Pyne Could Corp, the asset management firm controlled by George Kerr, is seeking the removal of two directors of Equity Partners Infrastructure Company No.1, as it looks to boost its stake to almost half.

Pyne Gould wants to raise its stake to 49 percent from the 27 percent of the investment company it already holds, the Guernsey-based company said in a statement. At the same time, it is also seeking to remove two of EPIC's three directors, and replace them with Pyne Gould's managing director Kerr and director Russell Naylor. The board has requested a special meeting for EPIC shareholders to vote on the issue, which it claims has not been disclosed to all shareholders.

The firm wants to EPIC, which has a minority stake in Moto the UK's largest motorway service company, to cut administration costs and focus on minimising debt and increase shareholder value. The company is concerned over EPIC's $10 million loan for three years of working capital, given the company's size and "that it is a non-trading holding company with a single investment."

"EPIC is a simple company with a single investment," Kerr said. "Requesting board changes is an unusual step but it has been triggered by our concern over EPIC's recent announcement that it has arranged a loan of approximately $10 million for working capital purposes. What was not disclosed to EPIC shareholders was that this loan from Deutsche Bank has charged all the assets of the company."

Pyne Gould relocated to Guernsey, a British Channel Island often described as a tax haven, at the start of this year as part of its exit from New Zealand to focus on Australian and UK investments. It plans to list on the London Stock Exchange, where it believes it will have better growth prospects.

Shares of Pyne Gould, which remains listed on the NZX, were unchanged at 46 cents and have fallen 4.2 percent since the start of the year.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>