Pyne Gould completes relocation to Guernsey, seeking better growth prospects

Pyne Gould 12-month price history (NZX.com)

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Pyne Gould Corp [NZX: PGC], the asset management firm controlled by George Kerr, has completed its relocation from New Zealand to Guernsey.

The company made the move after it shifted its focus away from New Zealand investments to Australia and the UK. It plans to list on the London Stock Exchange, where it believes it will have better growth prospects.

Pyne Gould has sold non-core assets and turned its focus to its Torchlight Investment Group, which aims to buy undervalued assets by targeting distressed debt situations.

The company said it has been removed from the New Zealand companies register as a New Zealand company and is now registered in Guernsey, a British Channel Island often described as a tax haven.

The shares last traded yesterday at 43 cents yesterday, having jumped 59 percent in the past year.

(BusinessDesk)


This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7469 -0.0025 -0.33%
AUD 0.9809 0.0019 0.19%
EUR 0.6930 0.0007 0.10%
GBP 0.5040 -0.0024 -0.47%
HKD 5.7903 -0.0210 -0.36%
JPY 89.2920 -0.6440 -0.72%

Commods

Commodity Price Change Time
Gold Index 1183.1 -2.730 2015-03-31T00:
Oil Brent 55.1 -1.740 2015-03-31T00:
Oil Nymex 47.6 -0.930 2015-03-31T00:
Silver Index 16.6 -0.076 2015-03-31T00:

Indices

Symbol Open High Last %
NZX 50 5834.0 5838.4 5834.0 0.03%
NASDAQ 4894.4 4899.4 4900.9 -0.64%
DAX 11902.9 12113.0 11966.2 0.29%
DJI 17778.5 17778.5 17776.1 -0.42%
FTSE 6773.0 6856.4 6773.0 0.54%
HKSE 24955.2 25099.1 24900.9 0.73%
NI225 19129.8 19195.2 19207.0 -0.90%