Soros fund turns up as 8% shareholder in Guinness Peat

BUSINESSDESK: A private investment fund linked to billionaire investor George Soros has appeared on the register of Guinness Peat Group, which is winding down its portfolio of assets to return funds to shareholders.

Quantum Strategic Partners, a fund managed by Soros Fund Management, has raised its stake in GPG to 7.9%, or 128.2 million shares, GPG says in a statement to the London Stock Exchange.

The existence of the Soros fund as a GPG shareholder had not previously been disclosed.

Quantum is described as focusing on "capital-intensive start-ups, buyouts, and growth equity transactions and seeks to acquire world-class assets that can generate strong and growing cashflows".

The move comes as former GPG director Gary Weiss mounts a hostile takeover bid for the financial services company, ClearView Wealth, in which GPG holds a 48% stake.

Earlier this week, ClearView directors urged shareholders to reject the $A220 million offer from buy-out firm Crescent Capital Partners, who plan to install Mr Weiss as ClearView's chairman, if successful.

It also follows a notification from GPG yesterday that Hong Kong investor Tan Chin Tuan Pte had sold its 5.4% stake in GPG.

GPG has been in the process of selling assets and returning capital to shareholders, with its primary remaining asset being the global thread-maker, Coats.
 

Yesterday 4pm:

Billionaire investor George Soros is understood to have bought into Guinness Peat Group as the investment firm winds down its portfolio with the exception of thread maker Coats Group.

Market sources told NBR ONLINE Mr Soros, or funds associated with him, was the buyer of a large parcel of shares disposed by an influential Asian family investor on August 20.

GPG announced this morning Singapore-based Tan Chin Tuan Pte Ltd had disposed of its entire holding of 87.8 million shares, which represented about 5.4% of GPG shares on issue.

Tan Chin Tuan was a pioneer banker and philanthropist who died in 2005. His daughter, Dr Tan Kheng Lian, is chairman of the Tan Chin Tuan Foundation.

Mr Soros is the legendary investor who in 1992 successfully bet on the devaluation of the British pound and bagged himself £634 million in the process.

He is the world's 22nd richest man, with a personal fortune of £12.7 billion, according to Forbes.

Shares in Guinness Peat Group were unchanged at 52 cents on the NZX.

– Duncan Bridgeman