PGC
27/02/2015 17:06
HALFYR
PRICE SENSITIVE
REL: 1706 HRS Pyne Gould Corporation Limited
HALFYR: PGC: Pyne Gould Corporation Interim Result to 31 December 2014
Friday 27 February 2015
Pyne Gould Corporation Interim Result to 31 December 2014
Pyne Gould Corporation ("PGC") recorded an (unaudited) interim loss of
GBP3.36m (NZD6.7m) for the half year to 31 December 2014, in line with the
same period last year (a loss of GBP3.36m restated from NZD6.6m). After other
comprehensive income the PGC Net Tangible Asset per share at 31 December 2014
was 35 pence (NZD0.68), up from 29 pence (NZD0.58) the previous year.
The core operating business of PGC contributed a cash profit of circa GBP850k
(NZD1.7m). After allowing for higher transitional administrative costs
(legal, accounting and compliance) and non-cash accounting charges
(principally GBP1.0m of foreign exchange adjustments), the NPAT was a loss of
GBP3.36m.
As previously advised, PGC held 25.33% of Torchlight Fund LP as at 31 March
2014 - which through one if its subsidiaries had experienced delay in closing
its 31 March 2014 audit. This was due to a requirement by the auditor to
fully value at 31 March 2014 the real estate assets - a process that has only
just been completed. The net impact on PGC of this is minimal and is
reflected in the associate's equity accounting. In short, the negative impact
of valuations as at 31 March 2014 has been offset by, principally, RCL cash
profit received between 31 March 2014 and 31 December 2014. This was due to
stronger than expected performance from RCL, a major beneficiary of lower
interest rates in Australia.
Other Comprehensive Income
The largest other item was a non-cash charge of GBP1.4m (NZD2.9m) relating to
the Perpetual Trust Limited receivable - which PGC has changed accounting
treatment to a financial asset - held available for sale. This (as previously
advised to the market) is required to be valued by an independent valuer. It
was previously held at NZD22.2m, and after independent valuation by Grant
Thornton, PGC expects to fully recover the NZD22.2m. However it has been
revalued to NZD19.3m, to reflect uncertainty around timing of receipt.
UK Listing, Buy backs and Dividends
PGC is continuing to prepare for a London Stock Exchange listing - and as
such has now changed its reporting currency to GBP.
PGC will continue to buy back shares as per previous announcements. We will
report back to the market once a final decision on a dividend is confirmed.
George Kerr, Managing Director, Pyne Gould Corporation.
For more information, please contact:
David Lewis +64-21-976 119
End CA:00261290 For:PGC Type:HALFYR Time:2015-02-27 17:06:49
