Pyne Gould completes Heartland exit in $7.9M sale

Thu, 19 Jul 2012

By Paul McBeth July 20 (BusinessDesk) - Pyne Gould Corp, whose Perpetual Trust unit is being investigated by the market watchdog, completed its exit from lender Heartland New Zealand, selling the rest of its stake for $7.9 million. The Christchurch-based firm sold 15.2 million shares at 52 cents apiece, and will use the funds for "further investment," it said in a statement. Last week, Pyne Gould sold $25.4 million of stock in Heartland and PGG Wrightson to repay $22 million in bank debt, with the remainder tagged for other investments. Th...

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