GPG sells century-old Newbury Racecourse stake for £6.4m

Newbury Racecourse

Guinness Peat Group, the investment firm liquidating its investment portfolio, sold its 30% stake in Britain's Newbury Racecourse for £6.4 million in a share buyback after investors agreed to the deal last week.

The investment firm sold 1.43 million shares at £4.50 apiece in a share buyback approved at a general meeting last week, which the stock subsequently cancelled. The buyback was a 2.3% premium to Newbury's last trading price.

GPG flagged the sale earlier this month as it looks to divest assets and return capital to shareholders.

The wind-down ultimately aims to rebrand GPG as its biggest asset, UK threadmaker Coats.

Newbury Racecourse funded the buyback with a £6.5 million loan from shareholder Compton Beauchamp Estates, which took a 31.9% stake after GPG's shares were cancelled.

GPG shares fell 0.8% to 58.5 cents on Friday.

(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 0.6611 0.0000 0.00%
AUD 0.9370 0.0000 0.00%
EUR 0.5936 0.0000 0.00%
GBP 0.4562 0.0000 0.00%
HKD 5.1611 0.0000 0.00%
JPY 77.3440 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1157.7 17.750 2016-02-05T00:
Oil Brent 34.8 1.070 2016-02-05T00:
Oil Nymex 30.8 -0.810 2016-02-05T00:
Silver Index 14.8 -0.070 2016-02-05T00:

Indices

Symbol Open High Last %
NZX 50 6137.7 6153.8 6137.7 0.26%
NASDAQ 4491.5 4493.2 4509.6 -3.25%
DAX 9375.3 9469.7 9393.4 -1.14%
DJI 16418.0 16423.6 16416.6 -1.29%
FTSE 5898.8 5945.9 5898.8 -0.86%
HKSE 19287.4 19397.9 19183.1 0.55%
NI225 16790.5 16893.1 17045.0 -1.32%