Time runs out for Pyne Gould Corp’s Torchlight fund

Time runs out for Pyne Gould Corp’s Torchlight fund
George Kerr says the limited partnership has not been extended again. (Image: PGC)
Riley Kennedy
George Kerr’s Pyne Gould Corp’s (PGC) distressed Torchlight fund has expired, but there is still no exit plan for its largest investment.Torchlight Fund LP (TFLP) was the company’s biggest asset. The limited partnership was due to end on November 30 last year, so the company had to race to work out what to do with it because no exit plan or extension had been agreed to.Eventually, the fund was given a six-month extension to May this year and in PGC’s annual report managing director Kerr said it had not been extended furt...

More Finance

IRD issues warning to crypto holders ahead of audits
Finance

IRD issues warning to crypto holders ahead of audits

The IRD has identified 227,000 crypto-asset users in NZ and contacted those at risk.

Staff reporters 04 Jul 2024
$1.65b project to simplify switching banks a 'flop'
Finance

$1.65b project to simplify switching banks a 'flop'

Open banking has hindered competition rather than helping it, says lobby.

AAP 04 Jul 2024
MTF to investigate bullying claims
Finance Exclusive

MTF to investigate bullying claims

Chief executive Chris Lamers said he takes the claims 'very seriously'.

Murray Jones 04 Jul 2024
Payments NZ could play key role in open banking standards
Finance

Payments NZ could play key role in open banking standards

A draft decision proposes an 18-month approval, rather than the five years requested.

Ben Moore 01 Jul 2024