GuocoLeisure, once known as Brierley, to leave NZX in June 2014

Sir Ron Brierley

GuocoLeisure, the diversified investment company once known as Brierley Investments, plans to delist from the NZX, meaning its dwindling New Zealand shareholder base will have to use the Singapore Exchange (SGC) in future.

The Singapore-based company said New Zealanders now own just 4.2% of total shares on issue. So far in 2013, daily turnover on the NZX has been 22,567 shares compared with 2.3 million a day on the SGC.

"The board considers that the costs of remaining listed on the NZSX outweigh the benefits of maintaining that listing," the company said in a statement.

After delisting on June 27, New Zealand shareholders will continue to hold legal title to their shares, and will continue to be paid dividends in New Zealand dollars, receive corporate documentation and notices, and be able to attend meetings and vote, it said. The stock will be transferred to the Singapore branch register.

GuocoLeisure is made up of four divisions. Guoman Hotels manages hotels in the UK and Malaysia under the Guoman and Thistle brands; the gaming division operates London's Clermont Club; the oil & gas division gets royalties from the Bass Strait Oil Trust; and the property division owns the 54,677 acre Molokai Properties on the island of Molokai in Hawaii and Tabua Investments in Fiji.

The shares fell 1.2% to 82 cents on the NZX and have climbed 28% this year.

(BusinessDesk)

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2 Comments & Questions

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Like an aged boxer, Ron Brierley did not know when to stop. With BIL, he became useless and the company was hijacked by his handpicked successors. He went on to repeat the same disaster with GPG!

So sad his name is now tainted with fat cats and failures.

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It is indeed, when you contrast him with somebody like Warren Buffet who's in his 80s and is still going strong and making Berkshire Hathaway truck loads of cash. It makes one wonder what really happened at Brierley Investments?

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