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- Release Date: 22/03/13 19:27
- Summary: GENERAL: PGC: First stage of Perpetual sale completed
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PGC
22/03/2013 17:27
GENERAL
REL: 1727 HRS Pyne Gould Corporation Limited
GENERAL: PGC: First stage of Perpetual sale completed
Notice to NZX
22 March 2013
First stage of Perpetual sale completed
Pyne Gould Corporation ("PGC") announced today that the first stage of the
sale process for the Perpetual group of companies has been completed. The
terms of the sale differ from that announced previously as outlined below.
Sale of Perpetual Portfolio Management and Perpetual Asset Management
PGC has reached an agreement and settled the sale of Perpetual Asset
Management Limited ("PAM") and Perpetual Portfolio Management Limited ("PPM")
to van Eyk Research Pty Limited ("van Eyk").
PGC Managing Director George Kerr said: "The sale to van Eyk provides an
ideal fit for Perpetual's asset management and advisory businesses. van Eyk
has been established for over 20 years and is a highly respected investment
research provider which has also built a strong asset management business in
Australia and New Zealand. These Perpetual companies will be in sound,
experienced hands moving forward."
van Eyk Chief Executive, Mark Thomas, said: "We are very excited about the
purchase of the Perpetual wealth management companies and with the
opportunities that this presents us in New Zealand. van Eyk has been
assisting asset managers and investors in New Zealand for the last 4 years
and we look forward to working with the Perpetual team to grow the combined
entity into a substantial trans-Tasman financial services group."
Details of price and terms of sale will be provided after the completion of
all aspects of the divestment of Perpetual Group.
Perpetual Trust Limited ("PTL")
PGC expects to make a further announcement concerning the sale of PTL by the
end of the March.
Pyne Gould Corporation
As has been previously outlined, PGC's focus is now on its subsidiary,
Torchlight Group,and its assets in Australia and the United Kingdom.
Contact:
David Lewis 021-976 119
End CA:00234470 For:PGC Type:GENERAL Time:2013-03-22 17:27:50
