Sale of Perpetual Trust

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NZX A 24 Ap Sale Pyne G assoc Financ The se the FM Mr Ba period The p is wor The N advan PGC M certain value “This a stakeh The C streng Georg "There patien by the Manag streng busine “The t Manag NZ$11 “The t an adv Pyne Goul ANNOUNCEME pril 2013 e of P erpe Gould Corpor ciated with Lo cial Market A ettlement pro MA and OIO a arnes will join d. price of NZ$11 rth around NZ NZ$11.9 millio nces, debt tak Managing Dire n corporate e which Mr Bar acknowledge holders.” Corporate Trus gthen the bala ge Kerr said th e was signific nt process wh e increase in v gement and A gth in the toug ess to a very total value fro gement has b 1.9m from P total value fro vance. ld Corporation L ENT - FOR IM etual T rus ration (“PGC” ondon-based w Authority and O ocess goes int approvals ove PTL’s board 1.9 million is a Z$2m. on is made up ken over of NZ ector George events - which rnes is able to es the attractiv st receivable ance sheet of his marks the cant perceived hich has more value in weal Asset Manage gh Australian y profitable pla om PTL, Perpe been a minim PTL, plus futur om van Eyk ha Limited, PO Box MMEDIATE REL st L imited ”) has sold Pe wealth manag Overseas Inv to escrow tod er the next pe and take full after the distr p of NZ$6.2m Z$3.7m, and Kerr said furt h allows PGC o create from ve entry price is retained by PTL. e end of a very d pressure to e than compe lth manageme ement. Van E n market and h atform for gro etual A sset M mum of NZ$21 re payments n as been AU$2 x 105731, Auckla LEASE d erpetual Trust gement inves vestment Offic day and PGC eriod. control of the ribution of PT for 100 per c an in specie ther consider C shareholders m corporate ev e he achieves y PTL - and it y difficult peri o exit on a fire ensated for a d ent - van Eyk Eyk, in particu has turned ar owth. Management a 1.9m with NZ$ not able to be 20.5m - being and City, Aucklan t Limited (“PT stor Andrew B ce approval. and Mr Barn e company at TL’s property i cent of the eq property distr ration is cond s to benefit to vents in PTL s and makes t will be cashe iod for PGC. e sale basis. W decline in val k and Perpetu ular, has gon round a distre and P erpetua $10m from P e accurately f g AU$13.3m p nd, New Zealand TL”) to interes Barnes - cond es will work th t the end of th in Christchurc quity and shar ribution of NZ ditionally paya o 40 per cent in the future. the deal fair f ed up and use We have unde lue of Perpetu ual Portfolio ne from streng essed, loss m al P ortfolio PPM and PAM forecast. plus the repay d sts ditional on hrough he escrow ch, which reholder Z$2m. able under of any for all ed to ertaken a ual Trust gth to making M and yment of

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