GPG to sell holding in Young & Co's Brewery for £54.1m
BUSINESSDESK: Guinness Peat Group, the investment company winding up its portfolio of assets, plans to sell its holding of Young & Co’s Brewery for £54.1 million.
GPG will undertake an accelerated book-build managed by JP Morgan Cazenove and Barclays Bank, selling 4.47 million A ordinary shares at £5.50 and 6.54 million of non-voting stock at £4.50 apiece.
The announcement was made to the London Stock Exchange after trading ended on the NZX. GPG rose 1.1% to 45.5 cents on the NZX.
GPG has sold about a third of its assets since embarking on a divestment programme last year.
Since the start of the year GPG sold 11 more holdings, including Turners & Growers, CSR, eServGlobal, Autologic, Capilano Honey, Tasmanian Pure Foods, Farmpride, 333 holdings, Peanut Company of Australia, Shepherd Neame and Ashley House, it said in a statement.
The company generated £104 million of total funds through dividends and capital returns.
The latest sale would bring the total raised to £300 million.