Pyne Gould posts FY loss of $47.7M, targets litigation funding against failed finance companies

Wed, 29 Aug 2012

By Paul McBeth Aug 29 (BusinessDesk) - Pyne Gould Corp, the financial services firm looking to sell its Perpetual Trust unit, made a smaller annual loss in the 2012 financial year with writedowns dragging on the bottom line, and said its aims to start a litigation funding vehicle to cash in on actions against failed financiers. The Christchurch-based company made a loss of $47.7 million, or 22 cents per share, in the 12 months ended June 30, compared to a loss of $141.1 million, or 13 cents, a year earlier, it said in a statement. The firm t...

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