Pyne Gould sells Perpetual Trust

MICHAEL FOREMAN
Last updated 10:32 17/01/2014

Relevant offers

Industries

Pornhub's whale advocacy won't actually help the whales all that much Bell Tea buys Christchurch's Hummingbird coffee company SkyCity convention centre deal starting to pay off 4500 new homes in latest announcement of Special Housing Areas Solid Energy has decision "pending" on whether to close Stockton Sex-tech entrepreneur Cindy Gallop says NZ could 'clean-up' in industry Emirates releases Auckland to Dubai pricing Petrol prices drop for second time this week to lowest in more than a year Wine company Indevin snaps up Winegrowers of Ara vineyards in Marlborough Highest rental returns found in Gisborne, realestate.co.nz survey finds

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.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content