Real estate and litigation continue to play a large part in George Kerr’s life thanks to his controlling stake in the former NZX-listed Pyne Gould Corporation.
PGC owns 70% of Cayman Islands registered fund Torchlight after settling a long-running lawsuit with a group of its investors, including ACC and Crown Asset Management.
Although the case settled with Torchlight buying back their shares, the Cayman court judge also issued a ruling saying Kerr deserved to be exonerated in the public eye after receiving heavy criticism.
After delisting from the NZX, PGC relisted on the Guernsey-based International Stock Exchange last November and half year results posted in March reported net assets of £46.5 million ($86m).
Torchlight represented the bulk of that, with its real estate interests at Hanley Farm in Queenstown generating most of PGC’s revenue. The fund also has an option on residential sections at Northlake in Wanaka and various development projects in Australia.
Meanwhile PGC reopened its litigation over the sale of Perpetual Trust, which had been in abeyance since 2016. The company told shareholders the claim seeks “not less than” $22m from interests associated with the buyer, fellow NBR Rich Lister Andrew Barnes.
Kerr’s 80% stake in PGC looks likely to increase through a proposed share buyback because the stock trades “at a considerable discount” to net asset value.
As well as his PGC interests, Kerr, who now lives in the UK, owns a large house on the shores of Lake Hayes and property in the Coromandel.
He is the great great grandson of Frederick H Pyne, who founded Pyne Gould Corp predecessor Pyne & Co in 1887.
Between 1996 and 2001 Kerr was a shareholder and investment director of financial advisory group Sterling Grace Portfolio Management, which traded as Spicers. Kerr reportedly made $30 million when Spicers was sold to Axa in 2001 for $220 million.
2018: $90 million