Sir Ron Brierley's investment company Guinness Peat Group (GPG) has sold a 19.9 percent stake in Australian listed company The Maryborough Sugar Factory Ltd (MSF), according to an announcement to the Australian Stock Exchange (ASX).The stake has been sold
Sir Ron Brierley's investment company Guinness Peat Group (GPG) has sold a 19.9 percent stake in Australian listed company The Maryborough Sugar Factory Ltd (MSF), according to an announcement to the Australian Stock Exchange (ASX).
The stake has been sold to Mitr Phol Sugar Corp, a sugar company base in Thailand.
"MSF understands that the proposed acquisition price is $A4 ($NZ5.14) per share in cash, conditional upon Mitr Phol obtaining a seat on the board of MSF, Foreign Investment Review Board approval to exceed 14.9 percent if required and confirmation of certain matters relating to the Northern Milling joint venture," MSF said.
MSF said it would be unable to respond to Mitr Phol's requests until it had talked to its new shareholder.
MSF has been evaluating various options for the funding of its growth strategy, including the possibility of developing a relationship with a strategic party, and is in discussions with a number of potential interested parties.
It said today that Mitr Phol has to date not participated in this process.
GPG's strategy itself has been in question after New Zealand director Tony Gibbs was removed as an executive director earlier this year after publicly opposing plans to spin off GPG's Australian assets.
In September, GPG appointed four new independent non-executive directors to its board.
An independent sub-committee of the board is evaluating all available strategic options. Goldman Sachs&Partners Australia and Greenhill Caliburn, the joint financial advisers to GPG, are assisting the sub-committee in its role.
As at June 30 GPG had a 24.3 percent stake in MSF, according to GPG's accounts.
