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)


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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6368 -0.0018 -0.28%
AUD 0.9114 0.0012 0.13%
EUR 0.5718 -0.0026 -0.45%
GBP 0.4185 -0.0002 -0.05%
HKD 4.9354 -0.0153 -0.31%
JPY 75.9640 -0.7360 -0.96%

Commods

Commodity Price Change Time
Gold Index 1124.0 -8.750 2015-09-03T00:
Oil Brent 51.5 -1.850 2015-09-03T00:
Oil Nymex 47.3 0.440 2015-09-03T00:
Silver Index 14.7 0.040 2015-09-03T00:

Indices

Symbol Open High Last %
NZX 50 5569.7 5573.0 5569.7 -0.41%
NASDAQ 4763.1 4800.2 4750.0 -0.35%
DAX 10216.2 10216.2 10317.8 -1.87%
DJI 16364.3 16550.1 16351.4 0.14%
FTSE 6194.1 6194.1 6194.1 -1.75%
HKSE 21158.9 21174.9 20934.9 -0.45%
NI225 18312.1 18312.1 18353.0 -3.06%