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...

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