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Businessman takes a chunk of Heartland

MARTA STEEMAN
Last updated 13:23 12/07/2012

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Pyne Gould Corporation's stake in would-be bank Heartland has fallen to just under 4 per cent after it sold a big chunk of shares to prominent Christchurch businessman and property investor Philip Carter.

PGC said today its stake in Heartland was now 3.89 per cent after its subsidiary Torchlight sold 15.38m shares in Heartland.

Carter, who is overseas, spent $8 million recently buying shares in would-be bank Heartland.

Carter filed a notice with the New Zealand Exchange today that he now held 20.97 million shares, a stake of 5.39 per cent, in the large finance group Heartland which is aiming for a banking licence.

Carter was valued on the 2011 NBR Rich List at $90m. He is the brother of Foodstuffs boss Tony Carter and National MP David Carter.

Before March this year he already held 4.6 million shares in Heartland.

He bought another 918,630 shares between March and July and then yesterday bought a large parcel of 15.38 million shares from Pyne Gould Corporation's subsidiary Torchlight, which took his total Heartland shareholding to 20.97 million shares.

Carter has in the past also been a shareholder in PGC but appears to have sold out. A copy of PGC's share register at April 20 this year did not include Carter.

The Heartland shareholder with the largest stake is South Island businessman Greg Tomlinson with 8.8 per cent.

Tomlinson notified an increase in his stake to 8.8 per cent from 7.8 per cent on Monday. He bought a total of 4.2 million Heartland shares between April 10 and July 6 for a total cost of $2.1m.

Tomlinson now has 34.5 million Heartland shares.

Heartland was formed 18 months ago from the merger of Marac Finance, a former subsidiary of Pyne Gould corporation, with two buildings societies and eight months later the finance arm of PGG Wrightson was added.

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- BusinessDay.co.nz

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