Pyne Gould sells Perpetual Trust for $11.9M

Wed, 24 Apr 2013

April 24 (BusinessDesk) - Pyne Gould, the South Island asset management firm controlled by George Kerr, has sold Perpetual Trust for $11.9 million to interests associated with London-based investor Andrew Barnes. The sale is subject to Financial Market Authority and Overseas Investment Office approvals, and is made up of $6.2 million for the equity and shareholder advances, debt taken over of $3.7 million and an in specie property distribution of $2 million, Pyne Gould said in a statement. The South Island company's shareholders could also r...

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