GPG nets $A48.4m in sale of ASX-listed Capral, AV Jennings

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Guinness Peat Group, the investment firm winding itself down, netted $A48.4 million from the exit of two Australian investments this week.

The company sold its 47 percent stake in aluminium fabrication group Capral and its 7.7 percent holding in property group AV Jennings in on-market sales, it says.

The Capral investment was sold for $A40.4 million at 22 Australian cents apiece, while AV Jennings went for $A8.3 million at 39 cents apiece, according to substantial shareholders notices on the ASX.

Capral was one of GPG's bigger investments, and the investment firm was forced to take a £37 million writedown on the Australian company when the global financial crisis hit in 2008.

"GPG will continue to keep shareholders informed of further developments in relation to its investment portfolio," the company says.

Capral shares rose 8.7 percent to 25 Australian cents yesterday, while AV Jennings stock climbed 10 percent to 44 cents. Shares in GPG were unchanged at 60 cents on the NZX yesterday.

GPG has been selling assets in a plan to return capital to shareholders, and ultimately aims to rebrand itself as its biggest asset, UK threadmaker Coats.

(BusinessDesk)


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

Comments & Questions

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 0.7552 -0.0008 -0.11%
AUD 0.9663 -0.0002 -0.02%
EUR 0.6764 0.0003 0.04%
GBP 0.4920 0.0000 0.00%
HKD 5.8573 -0.0056 -0.10%
JPY 90.4080 -0.0510 -0.06%

Commods

Commodity Price Change Time
Gold Index 1204.4 -2.380 2015-03-03T00:
Oil Brent 61.8 0.270 2015-03-03T00:
Oil Nymex 50.4 2.900 2015-03-03T00:
Silver Index 16.3 -0.171 2015-03-03T00:

Indices

Symbol Open High Last %
NZX 50 5893.7 5893.7 5893.7 -0.33%
NASDAQ 4990.7 4996.7 5008.1 -0.56%
DAX 11424.7 11465.2 11410.4 -1.14%
DJI 18282.0 18282.0 18288.6 -0.47%
FTSE 6940.6 6963.6 6940.6 -0.74%
HKSE 24656.9 24706.0 24702.8 -0.61%
NI225 18716.8 18732.7 18815.2 -0.59%