Share
- Release Date: 28/09/12 16:50
- Summary: GENERAL: PGC: Perpetual Trust Sells Corporate Trust in Management Buy Out
- Price Sensitive: No
- Download Document 2.47KB
PGC
28/09/2012 14:50
GENERAL
REL: 1450 HRS Pyne Gould Corporation Limited
GENERAL: PGC: Perpetual Trust Sells Corporate Trust in Management Buy Out
Notice to NZX
28 September 2012
Pyne Gould Corporation ('PGC') makes the following announcement on behalf of
its 100% subsidiary Perpetual Trust.
Perpetual Trust Sells Corporate Trust in Management Buy Out.
Perpetual Trust has exited its corporate trust division. Substantially all
client appointments of the corporate trust division have been sold to
Foundation Corporate Trust, which is a new, licensed corporate trust
business. The business will be headed by Matt Lancaster, former Head of
Corporate Trust at Perpetual, and the existing corporate trust group staff
will continue their roles with the new company.
The sale of the appointments is immediate, other than for Kiwisaver and unit
trust appointments, which the parties will work together to transfer over the
next two months. Perpetual Trust has been granted a licence to retain the
failed finance company appointments. Foundation Corporate Trust Limited will
manage the appointments on a day to day basis.
PGC Managing Director George Kerr said: "This is not financially material
for PGC but it is strategically significant. Corporate Trust has contributed
around 20% of Perpetual revenues and is no better than break-even as a
business in a listed environment. The business is very suited to the new and
focused management and ownership structure."
"Following the exit of Corporate Trust, PGC's Perpetual Group is essentially
a pure New Zealand retail wealth management business. It is a resilient
business with a committed team and very loyal clients."
The price is currently confidential but once PGC has exited Perpetual in
entirety, appropriate disclosures will be made.
Two New Independent Directors Appointed to Perpetual Trust Board
Two new independent directors - Keith Rushbrook and James Douglas - have been
appointed to the board of Perpetual Trust Limited.
Mr Rushbrook had 27 years as a partner at KPMG, predominately in audit
practice. After retiring in 2003, Mr Rushbrook has served on a number of
boards, including 9 years on Perpetual's Corporate Trust board.
Mr Douglas was most recently Chief Executive Officer at Tower Insurance and
prior to that Managing Director at New Zealand Guardian Trust. He brings
over 16 years trust and financial experience to the board.
Media Contact
David Lewis
021 976 119
End CA:00227903 For:PGC Type:GENERAL Time:2012-09-28 14:50:36
