PGC repays $22M in bank debt from asset sales, will give strategy update this week

Mon, 16 Jul 2012

By Paul McBeth July 16 (BusinessDesk) - Pyne Gould Corp, whose Perpetual Trust unit is being investigated by the market watchdog, will repay $22 million in bank debt after selling down the bulk of its stakes in Heartland New Zealand and PGG Wrightson last week. The Christchurch-based firm sold $8 million of stock in Heartland and $2 million of shares in Wrightson, on top of an earlier sell-down that reaped $15.4 million for Pyne Gould, it said in a statement after the close of trading today. The excess $3.4 million will be "available for oth...

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