GPG shares plunge 16% since Wednesday on pension woes

Fri, 15 Aug 2014

By Suze Metherell Aug. 15 (BusinessDesk) - Shares of Guinness Peat Group have dropped 16 percent since announcing it is still grappling with its UK pension liability on Wednesday, while its sole investment, the Coats threadmaker unit, reported a near trebling of first-half profit. The shares fell for a third day, down 7.3 percent in afternoon trading to 57.5 cents, the lowest level since October last year. In its first-half announcement on Wesnesday, GPG, which plans to rebrand as Coats once it settles the pension liability, said it was s...

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