Pyne Gould completes relocation to Guernsey, seeking better growth prospects

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

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 My Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7811 -0.0040 -0.51%
AUD 0.9157 0.0022 0.24%
EUR 0.6261 -0.0064 -1.01%
GBP 0.4974 -0.0035 -0.70%
HKD 6.0572 -0.0320 -0.53%
JPY 92.1310 -1.0120 -1.09%

Commods

Commodity Price Change Time
Gold Index 1195.7 -4.340 2014-11-24T00:
Oil Brent 80.2 1.630 2014-11-24T00:
Oil Nymex 75.8 -0.780 2014-11-24T00:
Silver Index 16.4 -0.020 2014-11-24T00:

Indices

Symbol Open High Last %
NZX 50 5442.7 5459.6 5442.7 0.30%
NASDAQ 4762.4 4774.5 4754.9 0.07%
DAX 9790.0 9921.5 9785.5 0.77%
DJI 17819.1 17854.7 17817.9 -0.02%
FTSE 6729.8 6750.9 6729.8 0.02%
HKSE 23841.2 23935.1 23893.1 -0.21%
NI225 17490.4 17490.4 17357.5 0.29%