A defiant Sir Ron Brierley has come out swinging after narrowly surviving what amounted to a no-confidence vote at the GPG annual meeting in Auckland.

Shares in GPG recovered from bargain basement levels this week, rising from 45 cents to 52 cents as investors reassessed the likely break-up value of the group.

Chairman Bill Falconer said he was conscious that the company had raised capital from shareholders two years ago for growth opportunities and with nothing immediate on the horizon Tower would look at a capital return.

Munich-based BayWa AG is offering $1.85 a share, having struck an agreement to buy Guinness Peat Group’s 63.46% stake.

Investment company Guinness Peat Group has sold out of car auction company Turners Auctions – the first move in its plan to sell down its asset portfolio.

Gavin Walker stands down citing conflict of interest.