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

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