Guinness Peat Group (NZX: GPG) realised some £18.7 million ($36.4 million) in the latest grab-bag of asset sales.
The firm, founded by Sir Ron Brierley, reaped £8.8 million from the sale of wholly-owned subsidiary Gosford Quarry Holdings and will keep the unit's Sydney property, which has redevelopment potential, for a later disposal, the company said in a statement.
The firm also exited stakes in Metals X, GME Resources, Nationwide Accident Repair Services, Sysmedia Group and Touch Holdings for total cash proceeds of £9.9 million. The Touch sale excludes loan repayments and has the potential for earn-outs in 2014, GPG said.
The investment company 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.
The shares were unchanged at 59.5c on Monday, having gained 3.5% through 2012.
The stock is rated an average "outperform" based on six analyst recommendations compiled by Reuters, with a median target price of 63.5c.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- MARKET CLOSE: NZ shares fall led by Air NZ, Xero while SkyTV rally continues
- No 'end of error' at MediaWorks without new blood on board – senior sources
- Ralston slams Weldon for leaving MediaWorks 'rudderless'
- Media buyers praise Weldon's 'impressive changes and innovation' on exit day
- RIP, TPP: Trump wins Indiana
Most listened to
- Still hope for TPP insists trade expert Stephen Jacobi
- NZIER's Christina Leung says increased migration is putting pressure on wages
- NBR’s Jenny Ruth with daily coverage of the Ralec case
- Iraq nears collapse while China doubts its own statistics in Foreign Affairs Scope with Nathan Smith
- Mark Weldon couldn't hack the pressure, says Bill Ralston