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