Baker Street becomes largest holder of Pyne Gould with 19.78% stake
Aug. 4 (BusinessDesk) - Baker Street Capital, a Californian hedge fund manager, has increased its stake in New Zealand finance company Pyne Gould Corp. to 19.78% as the Accident Compensation Corp. and Harrogate Trustee Ltd. sell down their shares.
Harrogate sold 11.2 million shares today while ACC sold about 1.98 million shares yesterday, according to statements to the NZX.
Baker Street paid 38 cents for 16 million shares in Pyne Gould Corp., an asset and wealth management company that poured its main Marac unit into the Heartland New Zealand merger. The shares ended the day unchanged at 37 cents, valuing Pyne Gould at $80.2 million.
Baker Street overtakes Pyne Gould director George Kerr, with an indirect interest in 14% of the company though Pyne Holdings and the Kerr Family Trust.