GPG sells century-old Newbury Racecourse stake for 6.4 mln pounds in share buyback

Sun, 18 Nov 2012

Nov. 19 (BusinessDesk) - Guinness Peat Group, the investment firm liquidating its investment portfolio, sold its 30 percent stake in Britain's Newbury Racecourse for 6.4 million pounds in a share buyback after investors agreed to the deal last week. The investment firm sold 1.43 million shares at 4.50 pounds apiece in a share buyback approved at a general meeting last week, which the stock subsequently cancelled. The buyback was a 2.3 percent premium to Newbury's last trading price. GPG flagged the sale earlier this month as it looks to di...

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