PGC's Torchlight sells down Heartland stake amid probe into related party loans

Fri, 06 Jul 2012

By Paul McBeth July 6 (BusinessDesk) - Pyne Gould Corp's Torchlight Securities today sold down about one-fifth of its stake in would-be bank Heartland New Zealand as it faces an investigation by the market regulator over its related party loans. The Torchlight unit, which holds Pyne Gould's shares in Heartland and PGG Wrightson, sold 7.5 million shares on market for a total consideration of $3.75 million, according to a substantial shareholder notice. The sale reduces Torchlight's stake in Heartland to 7.8 percent from 9.8 percent, and follo...

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