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- Release Date: 25/11/13 19:12
- Summary: MEETING: PGC: Pyne Gould Corporation - Annual Meeting
- Price Sensitive: No
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PGC
25/11/2013 17:12
MEETING
REL: 1712 HRS Pyne Gould Corporation Limited
MEETING: PGC: Pyne Gould Corporation - Annual Meeting
25 November 2013
Pyne Gould Corporation - Annual Meeting
Pyne Gould Corporation ("PGC") today advised that its annual meeting will be
held at 10.00am on Tuesday, 10 December 2013 at Princes Ballroom A, Pullman
Hotel, corner of Princes Street and Waterloo Quadrant, Auckland for
shareholders to vote on Ordinary Business and Special Business.
Special Business
PGC announced in July 2012 that it would exit non-core assets and focus on
growth offshore. This has been executed effectively and is reflected in its
asset base with 90 percent now held in Australia or the United Kingdom. The
strategy has underpinned an audited Net Profit After Tax of $45.2 million to
30 June 2013.
Consistent with this, PGC announced earlier this month that it plans to
migrate to Guernsey and seek a listing on the London Stock Exchange (LSE).
Shareholders will be asked to vote on resolutions to allow PGC to migrate to
Guernsey as a precursor to a London listing. If resolutions are adopted,
migration is expected to be complete by the end of 2013 with listing on the
LSE in the first half of 2014.
During the process of migration and listing, PGC intends to maintain its
present listing on the NZX Main Board ("NZX"). PGC Chairman Bryan Mogridge
said: "PGC intends to be dual listed in both London and New Zealand for a
period before the Board re-assesses the costs and benefits of maintaining two
listings.
"Given PGC's asset base and investment focus, Guernsey is an attractive
option for the company and shareholders. As part of the British Isles, it is
also highly complementary to a LSE listing with Guernsey being the home to
more non-UK entities listed on the LSE than any other country.
"The board has taken external advice from global tax and legal specialists to
determine the best jurisdiction and market for PGC, and to advise on the
specific execution path. This advice confirms the Board's view that PGC
should move to a jurisdiction that is consistent with PGC's current and
future investment strategy and listing plans."
A copy of the Notice of Annual Meeting (together with a proxy form) has been
sent to shareholders. The Notice of Annual Meeting, proxy form and the New
Guernsey Articles (as referred to the Notice of Annual Meeting) are attached.
Share Buyback
In addition, further to its announcement on 14 November 2013 in relation to
its intention to undertake an on-market share buyback programme on the NZX,
PGC advises that it has appointed First NZ Capital to act as broker to PGC in
connection with the share buyback.
For media enquiry contact David Lewis +64-21-976 119
End CA:00244262 For:PGC Type:MEETING Time:2013-11-25 17:12:43
