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 0.7259 0.0038 0.53%
AUD 0.9580 0.0006 0.06%
EUR 0.6489 0.0038 0.59%
GBP 0.5539 0.0037 0.67%
HKD 5.6303 0.0306 0.55%
JPY 74.0210 0.3770 0.51%

Commods

Commodity Price Change Time
Gold Index 1322.6 -0.520 2016-08-26T00:
Oil Brent 50.1 0.060 2016-08-26T00:
Oil Nymex 47.6 0.310 2016-08-26T00:
Silver Index 18.6 0.160 2016-08-26T00:

Indices

Symbol Open High Last %
NZX 50 7391.3 7394.0 7391.3 -0.33%
NASDAQ 5223.8 5245.1 5218.9 0.24%
DAX 10503.9 10566.7 10587.8 -0.41%
DJI 18421.3 18523.1 18395.4 0.58%
FTSE 6816.9 6857.3 6816.9 0.31%
HKSE 22904.2 22922.7 22909.5 -0.38%
NI225 16631.1 16764.6 16360.7 2.30%
ASX 5515.5 5516.7 5515.5 -0.84%