Sale of Perpetual Trust
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Transcript of Sale of Perpetual Trust
NZX ANNOUNCEMENT
24 April
Sale of
Pyne Gould Corporation (“PGC”) associated with Financial Market Authority and Overseas Investment Office approval.
The settlement process goes into escrow today and PGC and Mr Barnes will work through the FMA and OIO approvals over the next period.
Mr Barnes will join PTL’s board and takperiod.
The price of NZ$11.9 million is after the distribution of PTL’s property in Christchurch, which is worth around NZ$2m.
The NZ$11.9 millionadvances, debt taken over of NZ$3.7m, and an in specie property distribution of NZ$2m.
PGC Managing Director George Kerr said fcertain corporate events value which Mr Barnes is able to create from corporate events in PTL in the future.
“This acknowledges the attractive entry price he achieves and makes the deal fair for all stakeholders.”
The Corporate Trust receivable is retastrengthen the balance sheet of PTL
George Kerr said this marks the end of a very difficult period for PGC.
"There was significant perceived pressure to exit on a firepatient process which has more than compensated for a decline in value of Perpetual Trust by the increase in value in wealth management Management and Asset Management. Van Eykstrength in the tough Australian market and has turned around a distressedbusiness to a very profitable platform for growth.
“The tManageNZ$11.9m
“The tan advance.
Pyne Gould Corporation Limited
NZX ANNOUNCEMENT
April
2013
Sale of Perpetual
Pyne Gould Corporation (“PGC”) associated with LondonFinancial Market Authority and Overseas Investment Office approval.
The settlement process goes into escrow today and PGC and Mr Barnes will work through the FMA and OIO approvals over the next period.
Mr Barnes will join PTL’s board and takperiod.
The price of NZ$11.9 million is after the distribution of PTL’s property in Christchurch, which is worth around NZ$2m.
The NZ$11.9 millionadvances, debt taken over of NZ$3.7m, and an in specie property distribution of NZ$2m.
PGC Managing Director George Kerr said fcertain corporate events value which Mr Barnes is able to create from corporate events in PTL in the future.
“This acknowledges the attractive entry price he achieves and makes the deal fair for all stakeholders.”
The Corporate Trust receivable is retangthen the balance sheet of PTL
George Kerr said this marks the end of a very difficult period for PGC.
"There was significant perceived pressure to exit on a firepatient process which has more than compensated for a decline in value of Perpetual Trust by the increase in value in wealth management Management and Asset Management. Van Eykstrength in the tough Australian market and has turned around a distressedbusiness to a very profitable platform for growth.
“The total value from anagement has been a minimum of
11.9m from PTL,
“The total value from van Eyk has been an advance.
Pyne Gould Corporation Limited
NZX ANNOUNCEMENT - FOR IMMEDIATE RELEASE
erpetual Trust
Pyne Gould Corporation (“PGC”) London-based wealth management investor
Financial Market Authority and Overseas Investment Office approval.
The settlement process goes into escrow today and PGC and Mr Barnes will work through the FMA and OIO approvals over the next period.
Mr Barnes will join PTL’s board and tak
The price of NZ$11.9 million is after the distribution of PTL’s property in Christchurch, which is worth around NZ$2m.
The NZ$11.9 million
is made up of NZ$6.2m for 100 per cent of the equity aadvances, debt taken over of NZ$3.7m, and an in specie property distribution of NZ$2m.
PGC Managing Director George Kerr said fcertain corporate events - which allows PGC shareholders to bevalue which Mr Barnes is able to create from corporate events in PTL in the future.
“This acknowledges the attractive entry price he achieves and makes the deal fair for all
The Corporate Trust receivable is retangthen the balance sheet of PTL
George Kerr said this marks the end of a very difficult period for PGC.
"There was significant perceived pressure to exit on a firepatient process which has more than compensated for a decline in value of Perpetual Trust by the increase in value in wealth management Management and Asset Management. Van Eykstrength in the tough Australian market and has turned around a distressedbusiness to a very profitable platform for growth.
otal value from PTL, Perpetual ment has been a minimum of
PTL,
plus future payments not able to be accurately forecast.
otal value from van Eyk has been
Pyne Gould Corporation Limited, PO Box 105731, Auckland City, Auckland, New Zealand
FOR IMMEDIATE RELEASE
rust Limited
Pyne Gould Corporation (“PGC”) has sold Perpetual Trust Limited (“PTL”)based wealth management investor
Financial Market Authority and Overseas Investment Office approval.
The settlement process goes into escrow today and PGC and Mr Barnes will work through the FMA and OIO approvals over the next period.
Mr Barnes will join PTL’s board and take full control of the company at the end of the escrow
The price of NZ$11.9 million is after the distribution of PTL’s property in Christchurch, which
is made up of NZ$6.2m for 100 per cent of the equity aadvances, debt taken over of NZ$3.7m, and an in specie property distribution of NZ$2m.
PGC Managing Director George Kerr said further consideration is conditionally payable under which allows PGC shareholders to be
value which Mr Barnes is able to create from corporate events in PTL in the future.
“This acknowledges the attractive entry price he achieves and makes the deal fair for all
The Corporate Trust receivable is retained by PTL ngthen the balance sheet of PTL.
George Kerr said this marks the end of a very difficult period for PGC.
"There was significant perceived pressure to exit on a firepatient process which has more than compensated for a decline in value of Perpetual Trust by the increase in value in wealth management Management and Asset Management. Van Eykstrength in the tough Australian market and has turned around a distressedbusiness to a very profitable platform for growth.
erpetual Asset Mment has been a minimum of NZ$21.9m
plus future payments not able to be accurately forecast.
otal value from van Eyk has been AU$20.5m
, PO Box 105731, Auckland City, Auckland, New Zealand
FOR IMMEDIATE RELEASE
imited
has sold Perpetual Trust Limited (“PTL”)based wealth management investor
Financial Market Authority and Overseas Investment Office approval.
The settlement process goes into escrow today and PGC and Mr Barnes will work through the FMA and OIO approvals over the next period.
e full control of the company at the end of the escrow
The price of NZ$11.9 million is after the distribution of PTL’s property in Christchurch, which
is made up of NZ$6.2m for 100 per cent of the equity aadvances, debt taken over of NZ$3.7m, and an in specie property distribution of NZ$2m.
urther consideration is conditionally payable under which allows PGC shareholders to be
value which Mr Barnes is able to create from corporate events in PTL in the future.
“This acknowledges the attractive entry price he achieves and makes the deal fair for all
ined by PTL - and it will be cashed up and
George Kerr said this marks the end of a very difficult period for PGC.
"There was significant perceived pressure to exit on a firepatient process which has more than compensated for a decline in value of Perpetual Trust by the increase in value in wealth management - van Eyk and Perpetual Portfolio Management and Asset Management. Van Eyk, in particularstrength in the tough Australian market and has turned around a distressedbusiness to a very profitable platform for growth.
Management and 21.9m
with NZ$plus future payments not able to be accurately forecast.
20.5m
- being
, PO Box 105731, Auckland City, Auckland, New Zealand
has sold Perpetual Trust Limited (“PTL”)based wealth management investor Andrew Barnes
Financial Market Authority and Overseas Investment Office approval.
The settlement process goes into escrow today and PGC and Mr Barnes will work through
e full control of the company at the end of the escrow
The price of NZ$11.9 million is after the distribution of PTL’s property in Christchurch, which
is made up of NZ$6.2m for 100 per cent of the equity aadvances, debt taken over of NZ$3.7m, and an in specie property distribution of NZ$2m.
urther consideration is conditionally payable under which allows PGC shareholders to benefit to 40 per cent of any
value which Mr Barnes is able to create from corporate events in PTL in the future.
“This acknowledges the attractive entry price he achieves and makes the deal fair for all
and it will be cashed up and
George Kerr said this marks the end of a very difficult period for PGC.
"There was significant perceived pressure to exit on a fire
sale basis. We have undertaken a patient process which has more than compensated for a decline in value of Perpetual Trust
van Eyk and Perpetual Portfolio cular, has gone from strength to
strength in the tough Australian market and has turned around a distressed
anagement and Perpetual NZ$10m from PPM and PAM
plus future payments not able to be accurately forecast.
being AU$13.3m plus the repayment of
, PO Box 105731, Auckland City, Auckland, New Zealand
has sold Perpetual Trust Limited (“PTL”)
to interests Andrew Barnes - conditional on
The settlement process goes into escrow today and PGC and Mr Barnes will work through
e full control of the company at the end of the escrow
The price of NZ$11.9 million is after the distribution of PTL’s property in Christchurch, which
is made up of NZ$6.2m for 100 per cent of the equity and shareholder advances, debt taken over of NZ$3.7m, and an in specie property distribution of NZ$2m.
urther consideration is conditionally payable under nefit to 40 per cent of any
value which Mr Barnes is able to create from corporate events in PTL in the future.
“This acknowledges the attractive entry price he achieves and makes the deal fair for all
and it will be cashed up and used
sale basis. We have undertaken a patient process which has more than compensated for a decline in value of Perpetual Trust
van Eyk and Perpetual Portfolio has gone from strength to
strength in the tough Australian market and has turned around a distressed, loss making
erpetual Portfolio PPM and PAM
plus future payments not able to be accurately forecast.
plus the repayment of
, PO Box 105731, Auckland City, Auckland, New Zealand
to interests conditional on
The settlement process goes into escrow today and PGC and Mr Barnes will work through
e full control of the company at the end of the escrow
The price of NZ$11.9 million is after the distribution of PTL’s property in Christchurch, which
nd shareholder advances, debt taken over of NZ$3.7m, and an in specie property distribution of NZ$2m.
urther consideration is conditionally payable under nefit to 40 per cent of any
value which Mr Barnes is able to create from corporate events in PTL in the future.
“This acknowledges the attractive entry price he achieves and makes the deal fair for all
used to
sale basis. We have undertaken a patient process which has more than compensated for a decline in value of Perpetual Trust
has gone from strength to loss making
PPM and PAM
and
plus the repayment of
Pyne Gould Corporation Limited, PO Box 105731, Auckland City, Auckland, New Zealand www.pgc.co.nz
“In addition, PGC holds a AU$5.6m convertible note in van Eyk from the sale of PPM/PAM.”
Mr Kerr said that PGC was very fortunate to be able to work with someone of the calibre, experience and patience of Mr Barnes and expects a successful long term outcome for the businesses.
Mr Barnes said he is delighted to acquire a brand of Perpetual’s stature.
“Perpetual has a heritage and tradition of service dating back to 1884. There are significant opportunities in the New Zealand market, and we see significant opportunities to extend the range and capability of our services to private clients in New Zealand.”
PGC is now essentially the Torchlight Group – with only Real Estate Credit Limited (“RECL”) and around NZ$10m of real estate left in PGC.
As already advised, the proceeds of PAL is reinvested in or co-invested with Torchlight-managed funds
PGC expects to make an announcement on RECL before end of May.
For media enquiry contact: Andrew Barnes - +64-9-927 9516 PGC - David Lewis +64-21-976 119