GPG realises £18.7m in latest round of asset sales
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.