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.
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Comments and questions1
Another "great" investment by the old fox and his well-fed prodigy Nixon - following in the great footsteps of the old fox's equally outstanding investment in Mt Charlotte.
Lived in London too long, stayed in too many hotels and drank at too many pubs - that's the expertise brought by the old fox and Nixon when buying companies with hotels, pubs and breweries in UK.