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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Guinness Peat | GPG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 23.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 23.00 | 23.00 |
| Top Posts |
|---|
Posted at 17/4/2012 09:58 by johnstonp at last GPG out of Ashley House - what a disastrous investment that was.anyway they got £150,000 and cut the losses and ran |
Posted at 20/2/2012 14:05 by johnstonp Found it - 27th January - many thanksbut no announcement from GPG ? |
Posted at 31/1/2012 16:05 by wexboy Hi folks,Continuing my series on activist investors and other catalysts. Latest post highlights over a dozen listed activist funds/vehicles that you can invest in, including GPG: I hope you'll take a look (and plse don't hesitate to comment or email me). Cheers, Wexboy |
Posted at 12/9/2011 21:09 by swiftnick Scrip dividend alternative is equivalent to 33.35p per share. |
Posted at 17/5/2011 12:49 by nod hmmm ... it looks like a complex incentive scheme. it's based on a valuation of Coats rather than on its profits. i don't think there is any mention of profit. If GPG gets 'controlled' the incentive award kicks in. (iii) a change of control of GPG |
Posted at 11/5/2011 19:15 by johnstonp from todays Times City Diary - Dominic Walsk"Going, but won't be gone for long The end of an era at Guiness Peat Group yesterday as Blake Nixon confirmed he would be stepping down as UK executive director at the end of next month after 21 years with the activist investment firm. The news that he will move to a non-executive role comes after the announcement in February that GPG, established in its present guise in 1990 by Sir Ron Brierley, is to sell off its investment portfolio over the next two to three years and return the cash to investors. The sell-off plan caused plenty of wry smiles in the boardrooms of companies like Young & Co's Brewery, Adnams and Newbury Racecourse that have felt the wrath of Nixon and his colleagues, as itwas launched at the behest of disgruntled GPG shareholders. But those cracking open a bottle or two of ale to celebrate Nixon's exit may yet choke on their pints. The word is that he is stepping down to set up his own fund with a view to lauching a bid for some of GPG's chicest investments " |
Posted at 03/3/2011 22:12 by swiftnick It looks like the company intends to make the initial cash return in July, but doing the sums it may not be as much as some were hoping.From the final results announcement: GPG intends to make a capital return to shareholders of at least GBP75m (NZ$158m / A$120m). The capital return is expected to be implemented via a Scheme of Arrangement. Under the Scheme of Arrangement, each GPG shareholder will receive a cash payment in return for a cancellation of a proportion of their GPG shareholding. The capital return will be subject to the usual regulatory approvals including from the UK Court, Shareholders and taxation authorities. GPG intends to send a Scheme Circular to shareholders, in advance of its AGM, subject to receiving prior UK Court approval. Shareholder approval will then be sought at the time of its AGM, which is intended to be held on 8 June 2011 in Auckland, New Zealand. GPG is working towards completion of the capital return by July 2011, subject to all requisite approvals being obtained, and will advise of further details in due course, including the cash payment per share, the number of shares proposed to be cancelled and the treatment of the capital return for tax purposes for shareholders. There are currently some 1,818 million shares in issue, so a capital return of £75 million works out at around 4.1p per share. Net Asset Value per share, as disclosed in the accounts, is 54.63p. At 37.5p the shares currently stand at a 31.4% discount. If 4.1p of cash is returned the discount theoretically widens to 33.9% (1-(33.4/50.53)). This assumes that asset realisations in the meantime are achieved at the balance sheet valuation. The main risk factor, of course, is that as more assets are realised the company becomes increasingly dependent on the success of Coats, which the company has indicated is not yet ready for disposal. To quote from the accounts again: As part of the orderly value realisation, GPG's investment portfolio may be reduced to the point where an investment in GPG becomes a pure exposure to Coats. I'm not sure how many of GPG's current shareholders are looking for a pure exposure to the industrial thread and crafts market. Many will be on the share register out of historical personal loyalty to Sir Ron Brierley and his deal-making skills. With Sir Ron now out of the picture and future acquisitions ruled out there is a danger that some shareholders will get bored and want to move on. This might be a worry were it not for that big discount to NAV. In my view this is enough to make the shares look a strong hold at current levels in the expectation that the discount must surely narrow as the asset realisations progress. |
Posted at 11/2/2011 03:22 by aspex GPG Announces Strategy to Realise Value- GPG to undertake an orderly value realisation of GPG's investment portfolio over time. - As part of the orderly value realisation, GPG's investment portfolio may be reduced to the point where an investment in GPG becomes a pure exposure to Coats. - Cash proceeds from the orderly realisation of investments to be used to pursue capital management initiatives. - GPG to undertake an initial capital return to shareholders of at least 75m (A$120m / NZ$158m) in the 2011 calendar year, subject to shareholder, tax and other approvals as necessary to effect the capital return. GPG will provide further details once the form, final amount and process of the capital return has been determined. - GPG Board is conducting a search to seek to appoint a senior executive to implement the orderly value realisation strategy. - GPG to hold AGM in June in New Zealand. The Board of Guinness Peat Group plc ("GPG") today announced its strategy to optimise value for all GPG shareholders. This follows a recommendation to the Board by an independent sub-committee which was established in September 2010 and comprises GPG non-executive directors (Mr Mike Allen, Mr Rob Campbell, Mr Mark Johnson AO and Mr Gavin Walker). The focus of the independent sub-committee has been on evaluating options to enhance GPG shareholder value, recognising that GPG shares trade at a material discount to net asset value (currently in excess of 30%). As part of its evaluation, the independent sub-committee identified a number of issues with the current GPG business including: - a large, complex and geographically diverse portfolio of assets, including a mix of minority shareholdings and wholly owned businesses (including Coats); - a lack of value transparency with a number of unlisted investments, the largest of which is Coats; - a disappointing performance in recent years; and - a number of actual and contingent liabilities, including capital notes, pension liabilities and potential payment of a European Commission fine, some of which are uncertain as to the timing and quantum of liability borne by companies in the GPG group. Following an evaluation of a broad range of options by the independent sub-committee, the Board of GPG has adopted the recommendation that GPG pursue an orderly realisation of its investments over time. The recommended strategy for optimising value consists of the following key elements. Pursuing an orderly value realisation for GPG's investment portfolio over time GPG has an investment portfolio with a market value of approximately 610m (A$978m / NZ$1,282m) as at 30 September 2010 (unaudited, excluding Coats) consisting of investments in listed and unlisted businesses in jurisdictions including Australia, New Zealand and the United Kingdom. An orderly value realisation will be pursued over time with the aim of exiting GPG's entire portfolio of investments and, in the process, generating cash proceeds that can be used for capital management initiatives. GPG will seek to exit individual investments in an appropriate investment timeframe for each investment which optimises value for GPG shareholders. The Board believes that attempting a short-term realisation of all of GPG's investment assets is unlikely to be optimal for shareholders relative to a strategy of orderly value realisation over the medium term. GPG will also evaluate opportunities to sell groups of assets if this is considered value-enhancing for GPG shareholders. GPG will discontinue new investment, although it will contribute capital to existing investments if this is viewed as value enhancing. GPG's strategy of an orderly value realisation for its investments will not impact the way GPG deals with companies in which GPG is invested. Executive Directors Gary Weiss and Blake Nixon commented: "We will continue to work closely with investee companies to enhance and extract value." In conjunction with the orderly value realisation strategy, the Board will simplify GPG's overhead structure and reduce overhead costs. Coats Coats is a business with a number of attractive features including a global manufacturing platform, strong international brands and customer relationships, and significant exposure to growing Asian markets. Coats was adversely affected by the global downturn in 2008 and 2009. However the business has since improved and the benefits of the extensive restructuring programme, which is now substantially complete, have begun to materialise. As part of the strategy of orderly value realisation, GPG's investment portfolio may be reduced to the point where an investment in GPG ultimately becomes a pure play exposure to Coats. During the orderly value realisation process, GPG will continue to evaluate this and other alternatives for realising value for Coats. As Coats' plans for profitable growth are achieved, there will be greater opportunities for value optimisation. The Board of GPG fully supports the Coats management team and their plans. Capital Management GPG is in a strong financial position with shareholders' funds in excess of 930m (A$1,491m / NZ$1,954m) and cash in excess of 170m (A$273m / NZ$357m) as at 30 September 2010 (unaudited). GPG intends to use existing cash and the cash proceeds generated by the orderly realisation of investments to pursue capital management initiatives including returning capital to shareholders. The quantum and timing of capital returned to shareholders will depend on when value is realised from GPG's investments and will need to have regard to the GPG group's actual and contingent liabilities. GPG will undertake an initial capital return to shareholders of at least 75m (A$120m / NZ$158m) during the course of the 2011 calendar year, subject to shareholder, tax and other approvals as necessary to effect the capital return. The shareholder approval for the capital return is intended to be obtained at the AGM which will be held in New Zealand in June on a date to be advised. Further work is ongoing to determine the most efficient manner to effect the capital return, recognising the constraints imposed by multiple jurisdictions. GPG will provide further details once the form, final amount and process of the capital return has been determined. Governance and Management Structure Since the appointment of the new non-executive directors there have been a number of governance changes, including the appointment of Mr Mark Johnson AO as Chairman of GPG and the establishment of fully operational audit and risk, remuneration, and investment committees consisting of non-executive directors. In addition to these initiatives, the Board believes it is essential to introduce a clear management structure with centralised leadership. The Board is conducting a search to appoint a senior executive, who will be responsible for the implementation of the orderly value realisation strategy. Summary Mr Mark Johnson AO, Chairman of GPG said: "We believe that the strategy announced today provides a clear path for the optimisation of value for all shareholders." |
Posted at 16/6/2010 01:57 by nod GPG to split in two By TIM HUNTER - BusinessDay.co.nz Last updated 12:01 16/06/2010 Investment company GPG has announced plans to cut itself in two as it strives to return value to shareholders. In a statement this morning, GPG said it would spin-off its Australian assets and cash of $220 million into a new company called GPG Australia, to be listed on Australian and New Zealand stock exchanges. GPG's other assets, principally thread maker Coats and NZ investments Tower and Turners & Growers, would remain in the original company listed on the New Zealand and London exchanges. GPG's biggest asset, Coats, would be floated within two years, the company said. Chairman Sir Ron Brierley said the scheme would create "an exciting and regioanlly focused activist investment company in Australia with the entrepreneurial flair to craete value for shareholdesr in the best traditions of GPG.'' The proposal follows speculation of a deep rift in GPG's board, with New Zealand director Tony Gibbs said to be unhappy with an Australian spin-off. Some institutional investors are understood to be critical of GPG's investment performance, particularly its Australian assets. Full details of the demerger plan are due for release in September, with a shareholder vote due in December. |
Posted at 16/6/2010 01:50 by nod GPG reveals plan to split in twoDuncan Bridgeman | Wednesday June 16, 2010 - 11:42am UPDATED Troubled investment company Guinness Peat Group has revealed plans to unlock shareholder value by spinning off its Australian business into a new listed entity followed by a planned float of thread maker Coats. Shareholders in the company, founded by Sir Ron Brierely, will be asked to vote on the restructure in November once initial regulatory approvals are obtained. The first step involves the demerger of GPG Australia, which holds a varied portfolio of investments with a net asset value of approximately $580 million, GPG said in a statement. These assets would be bundled together and dual listed on the ASX and NZX. All cash and liabilities would be allocated between GPG Australia and GPG Group before the demerger, with the latter initially retaining approximately 20% shareholding in GPG Australia. GPG Group would retain its UK and New Zealand investment portfolios, which includes a 65% stake in Turners & Growers and a 35% stake in insurance company Tower. After the demerger GPG Group would have a net asset value (NAV) of approximately $1.23 billion, including cash holdings of more than $220 million based on April 2010 valuations. The proposal to spin off the Australian assets is understood to have been driven by director Gary Weiss, who is reportedly at odds with fellow directors Sir Ron, Tony Gibbs and Blake Nixon. Plan for Coats GPG said the restructure was an important prerequisite to an "efficient and value-enhancing" float of Coats, which GPG acquired in 2003. Coats represents about a quarter of GPG's investment portfolio but has struggled against the economic downturn post the financial crisis in 2007/08. In December GPG valued Coats at $635 million. Uncertainty over the return from Coats has contributed to GPG's sagging share price, which fell 20% last month. The shares have consistently traded at a discount of about 30% to NTA over the past three years. GPG said today it anticipated a float of Coats within the next two years. GPG said Coats had responded well to the financial crisis and had a much-improved performance in the 2010 year to date. "Nevertheless it is considered that an immediate flotation of Coats is not in shareholders' best interests given the nascent stage of recovery in relation to Coats' markets and customers and the current uncertainty in relation to international financial markets. "While Coats has taken longer than expected to turn around, its reorganisation is now largely complete. Under new chief executive, Paul Forman, Coats is pursuing a growth strategy." "Exciting opportunity" Sir Ron said the board had been evaluating with management a number of alternatives and was conscious that substantial changes could not be indefinitely postponed. Immediate liquidation under the current structure would "destroy value for shareholders given that GPG plc's investments and actual and contingent liabilities (including in relation to pension funds) are at varying stages of maturity and liquidity. "This proposal will create an exciting and regionally-focused activist investment company in Australia with the entrepreneurial flair to create value for shareholders in the best traditions of GPG," Sir Ron said. GPG said that there was also potential for similar geographical separation of the New Zealand and UK interests. GPG shares rose 1c to 67c on the NZX this morning. |
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