Pyne Gould Corp says managing director and controlling shareholder George Kerr is too busy closing the sale of wealth manager Perpetual Group to attend the company's annual meeting in Auckland this afternoon.
Mr Kerr's Australasian Equity Partners Fund No 1 owns 76% of Pyne Gould, having failed this year to take the company private. He is currently overseas closing the deal, the company says in an update to the NZX today.
"Unfortunately, I am unable to attend as we are working to a tight timeline to achieve a quality exit from Perpetual by calendar year's end," he is quoted as saying in the statement. "This is a major priority to preserve value for shareholders."
The shares last traded at 26 cents and have declined18% this year. Mr Kerr paid 37 cents a share to take control of the company, while warning that the difficult process of selling assets meant Pyne Gould was no longer a generator of dividend income.
Selling Perpetual will leave Pyne Gould with no direct operating businesses in New Zealand. Its Torchlight Investment Group owns 19.7% of investor Torchlight Fund 1, which runs until 2019, and Torchlight Fund 2, which holds the remaining bad loans carved off when Marac Finance was sold into Heartland New Zealand.
Pyne Gould's Torchlight Securities owns 27% of Equity Partners Infrastructure Company No 1, which in turn owns 17% of UK motorway services company Moto International Holdings
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Xero directors Drury, Winkler and Morgan cash in on 35% share price rally
- Auckland Council ignores free funding advice, chooses to spend $500k
- Ralph Norris spells out reasons for Fonterra board departure
- Dimension Data restructures, top salesman leaves
- China pips Oz as NZ's top annual export destination
Most listened to
- Auckland Councillor Chris Darby on the Council's alternative funding report
- Nevil Gibson discusses his latest Editor's Insight on oil prices
- Campbell Gibson, Nick Grant and Chelsea Armitage chat about the inner workings of New Zealand media
- Paul Brislen discusses the 'snake oil' sales tactics of SalesConcepts
- Fonterra chief executive Theo Spierings reveals his ambitious China plan
- UDC Finance chief executive Wayne Percival talks about the company's profit
- Hamish McNicol discusses the latest court stories
- Trilogy International CEO Angela Buglass reviews another bumper result
- Eroad CEO Steven Newman talks about his company's revenue increase
- What do the latest terrorism attacks in Mali and Israel mean? Nathan Smith discusses the latest foreign affairs news
- NZ Windfarms departing director Michael Stiassny speaks out after board exit
- James Mayo talks about SOS Hydration's growth plans after Snowball offer