UK Court rubber stamps GPG capital return scheme
The UK High Court has given the final rubber stamp needed to allow Guinness Peat Group to embark on its share cancellation scheme.
The UK High Court has given the final rubber stamp needed to allow Guinness Peat Group to embark on its share cancellation scheme.
The UK High Court has given the final rubber stamp needed to allow Guinness Peat Group to embark on its share cancellation scheme.
Shareholders in the investment company, formerly led by Kiwi Ron Brierley, last month voted overwhelmingly for a scheme of arrangement to return capital of £80 million ($158 million).
The firm is winding up its investment portfolio by selling assets, with the exception of thread maker Coats Group, and return capital to shareholders. The decision followed intense pressure from local investors and differed from an earlier GPG plan to spin off the Australian unit, which would be run by former Australian director Gary Weiss.
GPG's New Zealand assets include a 35% stake in insurance company Tower, a 65% stake in fruit and produce company Turners and Growers and a 19.4% stake in car auction company Turners Auctions.