GPG realises £18.7m in latest round of asset sales

Sir Ron Brierley

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.

BusinessDesk


Got a question about this story? Leave it in Comments & Questions below.

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 0.6620 -0.0090 -1.34%
AUD 0.9316 -0.0108 -1.15%
EUR 0.5881 -0.0054 -0.91%
GBP 0.4559 -0.0079 -1.70%
HKD 5.1563 -0.0708 -1.35%
JPY 74.9840 -0.5150 -0.68%

Commods

Commodity Price Change Time
Gold Index 1247.8 51.900 2016-02-11T00:
Oil Brent 30.8 -1.490 2016-02-11T00:
Oil Nymex 26.1 -1.400 2016-02-11T00:
Silver Index 15.8 0.510 2016-02-11T00:

Indices

Symbol Open High Last %
NZX 50 5987.0 5987.0 5987.0 -0.89%
NASDAQ 4307.3 4338.4 4266.8 1.68%
DAX 8854.4 8967.5 8752.9 2.45%
DJI 15691.6 15969.0 15660.2 1.95%
FTSE 5537.0 5707.6 5537.0 3.08%
HKSE 18278.8 18482.3 18545.8 -1.22%
NI225 15426.3 15437.2 15713.4 -4.84%