The deal will safeguard pension payments for 24,000 scheme members
The company wants to de-list from the ASX and NZX in June next year.
Delisting from the NZX would herald a final chapter in the life of GPG and Sir Ron Brierley’s legacy in the New Zealand capital markets.
Veteran investor Sir Ron Brierley is understood to have sold out of British company Coats Group, formerly known as GPG, ending an association stretching back 25 years.
Coats Group turned to a first-half loss after a writedown on the sale of its unprofitable EMEA crafts business.
In announcing the resignation, Coats chairman Mike Clasper thanked Brierley "for his extensive contribution over many years."
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