Hedge fund lifts Pyne Gould stake to 19.78%
Californian hedge fund Baker Street has moved to just under the Takeovers Code 20% equity threshold, ACC could be the seller.
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Californian hedge fund Baker Street Capital has lifted its holding in Pyne Gould Corporation to just under the Takeovers Code’s 20% equity threshold.
In a notice to the stock exchange Baker Street declared a 19.78% stake, up from its previous 11.7% shareholding, having purchased today a further 16,000,000 shares at $0.38 per share.
The hedge fund manager has been aggressively buying PGC shares since declaring its interest with 5% in June.
Baker Street is now PGC’s biggest shareholder, surpassing George Kerr’s 14% stake held through his company Pyne Family Holdings.
Under takeovers rules any move beyond 20% will require Baker Street to make a full takeover offer for PGC.
Baker Street’s latest raid coincides with local fund manager ACC selling shares on Tuesday reducing its stake from 5.8% to 4.9% meaning it is no longer required to disclose its shareholding as a non-substantial holder.
PGC shares gained 2% to 38c on the NZX today.PGC’s 5000 shareholders were recently allocated new shares in the $2.6 billion Heartland Group following the distribution of PGC’s shares in the merged entity that includes Marac Finance.
PGC has also sold off the bulk of its shares in PGG Wrightson, leaving it with a wealth and funds management unit, a trustee services group and various property assets.
Baker Street is an unknown quantity in New Zealand.
The firm leaves hardly any trail with no website and very few media references besides the occasional Sec filings notifying an interest in acquiring shares in US companies.
One reference depicts Baker Street as a “value-focused investment fund modelled after the partnerships managed by Warren Buffett from 1956 to 1969.”
Others describe it as a long/short equity hedge fund headquartered in Los Angeles, California.
Duncan Bridgeman
Thu, 04 Aug 2011
Thu, 04 Aug 2011
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Hedge fund lifts Pyne Gould stake to 19.78%
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