GPG says UK regulator extends probe into its pension schemes
The New Zealand investment group says it had anticipated a widening of the investigation.
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EARNINGS
Guinness Peat Group, the New Zealand investment group winding down its portfolio, says the UK regulator has extended its investigation into the company's pension schemes.
The UK Pensions Regulator is extending its investigation into GPG's Coats Pension Plan and its Brunel Holdings Pensions Scheme to also cover the Staveley Industries Retirement Benefits Scheme, GPG says in a statement.
It had anticipated this widening of the investigation and does not know when the process will end or what liability it may face, if any.
GPG is exiting its investments to focus on its Coats thread business, but plans have been delayed as it works through its liabilities to its pension schemes with the UK regulator.
Shares in GPG have declined 8.4 percent this year, lagging a 12 percent gain in the benchmark NZX 50 Index. The shares closed at 54.5 cents yesterday.
(BusinessDesk)
Tina Morrison
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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GPG says UK regulator extends probe into its pension schemes
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