PGC directors consider revised AEP bid
Pyne Gould Corporation's independent directors are mulling over an increased bid for the company by Australasian Equity Partners, a fund controlled by George Kerr and Baker Street Capital.
Pyne Gould Corporation’s independent directors are mulling over an increased bid for the company by Australasian Equity Partners, a fund controlled by George Kerr and Baker Street Capital.
AEP yesterday lifted its offer for Pyne Gould Corporation by 12% to 37c a share, less than an hour before an independent report was released on the initial 33c-a-share offer.
Independent advisor Grant Samuel values the company between 49 and 57 cents, and says there's no compelling reason for shareholders to sell.
Independent directors Bryan Mogridge and Bruce Irvine say they will not be selling their shares, and shareholders should do the same, unless they require cash immediately, or don't have an appetite for long-term growth.
They say they will meet and review the revised offer with Grant Samuel and will make an announcement by the close of trading on Monday.
Earlier, Mr Kerr, who is a director and shareholder of PGC, said the increased offer price was in response to feedback received from several institutional shareholders.
The offer period has also been extended by seven days.
Australasian Equity Partners Fund already has undertakings for 37.5% of the company.
NBR staff
Fri, 18 Nov 2011
Fri, 18 Nov 2011
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PGC directors consider revised AEP bid
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