Brierley sells part of GPG stake
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Brierley Investments has sold more than half its 37.2 per cent stake in Guinness Peat Group, widely regarded as Sir Ron Brierley's UK investment vehicle, for Adollars 40.6m ( pounds 18.2m), writes Terence Wilkinson.
Brierley has placed 65 million shares, or 19.2 per cent of GPG, on the Australian stock market at 62.5 cents, equivalent to 28p a share. GPG closed 1p up at 30p.
It said a placing of half its stake in Australia, where it was now listed, was appropriate and would improve liquidity and provide for wider participation in the local market.
Brierley, which retains an 18 per cent stake, took control of GPG in 1990 through Sir Ron's Industrial Equity (Pacific) with a pounds 55m bid worth 17p a share.
At the time GPG was controlled by a banking consortium following the collapse of its previous owner, Equiticorp, a New Zealand investment company. Almost all its assets, including Guinness Mahon, the merchant bank, had been sold to pay off the banks.
Last November GPG regained its London stock market listing after a suspension lasting nearly two years. The suspension was made because the Stock Exchange considered GPG to be a shell company with no underlying business activity.
Earlier this year GPG paid pounds 5.6m to acquire Brown Shipley, the small London merchant bank. In half-year results, published last week, Blake Nixon, a director, said that GPG was looking for acquisitions.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments