Brierley continues GPG sell down

CASHING UP: Sir Ron Brierley is continuing to sell down his GPG holding.
CASHING UP: Sir Ron Brierley is continuing to sell down his GPG holding.

Sir Ron Brierley has sold A$2.3 million (NZ$2.9m) of shares in Guinness Peat Group, after cashing in another tranche of shares worth $2.87m late last month.

Based in Sydney, Sir Ron now holds 41.88 million shares, or 2.58 per cent, of the investment company which is winding itself down. That stake is worth $24.7m based on GPG's current NZX price of 59c.

GPG recently announced it was halfway through its asset divestment programme and said it would rename itself as Coats – the British threadmaker it owns – once it becomes its primary remaining investment.

Sir Ron last year took a controlling stake in ASX-listed investment vehicle, India Equities Fund which he said would have a similar model as GPG but on a much smaller scale.

The fund has changed name to Mercantile Investment Company.

BusinessDay.co.nz