Brierley continues GPG sell down

CLAIRE ROGERS
Last updated 09:50 12/11/2012
tdn Sir Ron Brierley stand
CASHING UP: Sir Ron Brierley is continuing to sell down his GPG holding.

Relevant offers

Industries

Spotify in revenue dispute with Universal, Warner and Sony music labels - report Domino's using drones to deliver pizza to New Zealand homes Chorus agreement could ease frustration for Wellington homeowners Countdown opens more supermarkets in NZ than it closes, plans to expand Auckland Airport heliport to lift the game for high-spending tourists Liquidators file legal action against Herbert Construction director over unpaid debts SkyCity worker given home detention after stealing $45,000 worth of chips Interest rate swaps cause more headaches for ANZ as farmers sue for $7.5 million Real estate agent licence cancelled after selling a house twice in a day Trans Tasman Resources reapply to mine iron ore in South Taranaki

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.

Ad Feedback

- BusinessDay.co.nz

Comments

Special offers

Featured Promotions

Sponsored Content