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Pyne Gould completes relocation to Guernsey, seeking better growth prospects

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)

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Comments and questions
2

Good riddance to old dogs

They had better improve their ethics and business practices over there or they may end up in front of more active authorities or counterparties who won't put up with their past behaviours.

Theres very little ethnics in business these days; especially in the finance field.

Lets hope governments start to tax companies appropriately. These tax havens are depriving countries of their wealth, and should be left to rot.
There methods should be made illegal, as they are unsustainable in the long term and benefit the dodgy few.

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