Pyne Gould reaps A$13.3M for van Eyk unit, keeps A$5.6M convertible note

Mon, 08 Apr 2013

By Paul McBeth April 8 (BusinessDesk) - Pyne Gould Corp, the South Island asset management firm controlled by George Kerr, sold its van Eyk research and management unit for $13.3 million, though kept a stake using a convertible note structure. The Christchurch-based firm sold its 38 percent stake to ASX-listed Merrick Capital, an entity associated to London-based wealth management investor Andrew Barnes, it said in a statement. The price was paid in cash, and came immediately after van Eyk repaid a A$7.2 million loan to Pyne Gould unit Torch...

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