GPG accelerates wind-down with $125.9m more in sales

Guinness Peat Group, the investment firm liquidating its portfolio, accelerated its wind-down this week with some $125.9 million in asset sales.

Since selling its stake in Australian wealth manager ClearView Wealth last month, GPG has sold four direct investments and stands to reap some $34.7 million from Tower's sale of its medical insurance unit.

The company has sold more than half its portfolio since embarking on the liquidation plan last year.

GPG sold its 73% stake in Green's General Foods for some $A38 million and a 10.2% investment in Tourism Asset Holdings for $A20 million.

It also received $A4.6 million in a capital return from PrimeAg Australia as the ASX-listed company looks to sell or wind itself up and stands to receive £6.4 million from a share buyback in Newbury Racecourse.

The investment company will rename itself Coats "at the point when GPG shareholders' investment is predominantly represented" by the British threadmaker's business. That is expected to happen in the second half of next year.

Last week GPG increased its share buyback target to £70 million from £10 million. The shares were unchanged at 57 cents yesterday.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7852 0.0001 0.01%
AUD 0.8965 0.0006 0.07%
EUR 0.6214 -0.0002 -0.03%
GBP 0.4892 -0.0002 -0.04%
HKD 6.0903 0.0003 0.00%
JPY 84.2670 0.1450 0.17%

Commods

Commodity Price Change Time
Gold Index 1241.1 -7.450 2014-10-22T00:
Oil Brent 84.7 -1.510 2014-10-22T00:
Oil Nymex 80.5 -1.970 2014-10-22T00:
Silver Index 17.2 -0.310 2014-10-22T00:

Indices

Symbol Open High Last %
NZX 50 5279.7 5299.9 5279.7 0.24%
NASDAQ 4429.2 4435.9 4419.5 -0.83%
DAX 8934.5 8957.2 8887.0 0.60%
DJI 16615.3 16653.9 16614.8 -0.92%
FTSE 6372.3 6401.5 6372.3 0.43%
HKSE 23296.0 23397.2 23404.0 -0.36%
NI225 15093.8 15217.4 15195.8 0.00%