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 0.6547 -0.0052 -0.79%
AUD 0.9031 -0.0020 -0.22%
EUR 0.5971 -0.0063 -1.04%
GBP 0.4208 -0.0022 -0.52%
HKD 5.0763 -0.0398 -0.78%
JPY 81.3700 -0.5290 -0.65%

Commods

Commodity Price Change Time
Gold Index 1088.6 -4.010 2015-07-30T00:
Oil Brent 53.3 -0.070 2015-07-30T00:
Oil Nymex 48.5 -0.250 2015-07-30T00:
Silver Index 14.7 -0.040 2015-07-30T00:

Indices

Symbol Open High Last %
NZX 50 5891.9 5937.6 5891.9 0.49%
NASDAQ 5100.3 5135.6 5111.7 0.33%
DAX 11271.3 11298.1 11257.1 -0.06%
DJI 17743.2 17761.2 17751.4 -0.03%
FTSE 6668.9 6688.1 6668.9 -0.07%
HKSE 24650.9 24661.2 24498.0 0.56%
NI225 20506.5 20585.2 20522.8 0.30%