PGC
23/10/2014 11:21
ASSET
REL: 1121 HRS Pyne Gould Corporation Limited
ASSET: PGC: PGC sells shares in EPIC
NZX ANNOUNCEMENT
Thursday 22 October 2014
PGC sells shares in EPIC
Pyne Gould Corporation Limited ("PGC") today announced it has sold its entire
41.89 million shares in Equity Partners Infrastructure Company No.1 Limited
("EPIC") for GBP0.30 per share or GBP12.6m. This is approximately equivalent
to 60 cents a share or NZD25.4m.
The price of 60 cents is ahead of PGC's carrying value and the gain on sale
will be reflected in the results to June 30 2014.
PGC Managing Director George Kerr said that following the recent takeover of
EPIC by United Kingdom interests, PGC no longer has the opportunity to
control EPIC and, therefore, made a pragmatic decision to would sell its
stake to those interests associated with EPIC Investor LLP.
PGC has also agreed a settlement deed with EPIC to create a clean break
between the companies and put to an end the litigation between the two firms.
The key terms of the Deed are that PGC has been repaid the GBP525,000 advance
previously made to EPIC, and EPIC has waived its claim for NZD2.6m. In
addition, PGC has paid NZD380,000 to EPIC, which is the amount PGC had
previously accrued for legal costs in litigation. These terms are consistent
with provisions made in PGC's preliminary annual accounts.
PGC plans to update the market regarding its audited annual results by the
end of this week.
For more information, please contact: David Lewis +64-21-976 119
End CA:00256741 For:PGC Type:ASSET Time:2014-10-23 11:21:31
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