Pyne Gould Corp Ltd has completed the sale of Perpetual Trust Ltd and now has no significant operating assets left in New Zealand.
Pyne Gould announced the conditional sale of Perpetual to interests associated with wealth management investor Andrew Barnes in April 2013. The Overseas Investment Office approved the sale in December.
The final base consideration was $12.344 million, made up of $6.244 million for 100% of the equity & shareholder advances, $3.9 million of debt taken over and $2.2 million for an in specie property distribution.
Pyne Gould will also be able to benefit by up to 40% of the value created from future corporate events relating to Perpetual.
NZX-listed Pyne Gould’s shareholders voted overwhelmingly in December in support of the company’s migration to Guernsey as a prelude to seeking a listing on one of the registered markets operated by the London Stock Exchange.
Attribution: Company release.