Pyne Gould sells Perpetual Trust

Last updated 10:32 17/01/2014

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Listed wealth management company Pyne Gould has sold its last significant asset in New Zealand, Perpetual Trust, to interests associated with wealth management investor Andrew Barnes for $12.3 million.

The sale transaction, which received Overseas Investment Office approval last month, consisted of $6.24m for 100 per cent of the equity of Perpetual Trust, a $3.9m debt take over and a transfer of property worth $2.2m.

Pyne Gould said it would be paid a further consideration under certain corporate events that would allow it to receive 40 per cent of any value which Barnes is able to create from Perpetual Trust.

Pyne Gould is migrating to Guernsey as a prelude to the company seeking a listing on the London Stock Exchange.

Last November, the company gave notice it intended to be removed from the New Zealand register of companies as part of this process.

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- Fairfax Media

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