Kerr ups control over Pyne Gould

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Investor and Pyne family descendant George Kerr appears to have spent $36 million in increasing his grip on Canterbury investment firm Pyne Gould Corporation (PGC) to 13.2 per cent.

After a huge capital raising of $267m, his holding through Pyne Family Holdings has moved up from just over 10 per cent.

The cost of the additional shares for his company Pyne Family Holdings (PFHL) was $36.25m. While that company controls 13.2 per cent of PGC, Kerr's father's PGC shares - 943,600 - increase his control to 13.32 per cent.

Kerr is a director of PGC.

The other substantial holder is Accident Compensation Corporation with 6.6 per cent.

South Canterbury Finance is the third-biggest PGC shareholder with just over 4 per cent, preserving its previous more than 4 per cent stake by taking part in the rights issue.

PFHL bought 59.2 million shares in the rights issue at a cost of $23.68m. It also bought a further 30.19 million shares at a cost of $12.08m, as a sub- underwriter of the 66.64 million shares that were not taken up in the rights issue of 591.57 million shares. PFHL also bought one million shares at 49c each in the placement of $30m of additional shares to institutions and investors.

- © Fairfax NZ News