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GPG, GUINNESS PEAT GROUP PLC
plastic
post Posted: Mar 5 2015, 07:28 PM
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You can't stop progress.

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Announcements today05:30p.m.RENAME: [GPG] 1 NEW: [CGW] 1


That must mean all the other assets have been sold off. Wonder what Ron or Tony would think.

Must admit I don't follow this one too closely. On Sharetrader.co.nz there used to be a guy called Belgarion who was always on the money with this one but for some reason he is no longer there and all his posts have been deleted. I guess he must've done something really, really bad.






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What did Uncle Mel do to us?
 
macduffy
post Posted: Jul 13 2013, 11:21 AM
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In Reply To: rubra's post @ Jul 12 2013, 11:38 AM

Now, that's a very far fetched scenario!

The Maxwell business centred around fraudulent activity involving the undisclosed transfer of funds from the pension fund to the business. GPG's problem is that with low interest rates it is required to keep tipping money into the pension fund to keep the fund's liabilities adequately funded. Entirely different situations.

Not a happy problem for GPG or its shareholders but hardly one that is likely to spell the end of GPG. Instead, that is being engineered by the company, with the approval of shareholders, and will probably result in the listing of Coats as a standalone company.

Disc: Not a current shareholder.

 
rubra
post Posted: Jul 12 2013, 11:38 AM
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Will we be reading one of these about Ron Brierley and his gang in the not too distant future with the death of GPG given the pension exposure at Coats?

Such an ignoble end for a very successful life if it does.

European pensions are very different from NZ and AU pensions in that there is often some kind of government involvement in the payout. Problem is these days, EU governments don't have any cash they want to pay out to NZ held companies and their pensions. Bet they'll be trying to wriggle off the hook on this one using whatever fair or foul means possible.

Ian Robert Maxwell, MC (10 June 1923 – 5 November 1991) was a Czechoslovakian-born British media proprietor and Member of Parliament (MP). He rose from poverty to build an extensive publishing empire. His death revealed huge discrepancies in his companies' finances, including the Mirror Group pension fund, which Maxwell had fraudulently misappropriated.
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He had a flamboyant lifestyle, living in Headington Hill Hall in Oxford from which he often flew in his helicopter, and sailing in his luxury yacht, the Lady Ghislaine. He was notably litigious and often embroiled in controversy, including about his support for Israel at the time of its War of Independence in 1948. In 1989 he had to sell successful businesses including Pergamon Press to cover some of his enormous debts, and in 1991 he was found dead, floating in the Atlantic Ocean having apparently fallen overboard from his yacht. He was given what amounted to a state funeral in Israel.
His death triggered the collapse of his publishing empire as banks called in loans. His sons briefly struggled to keep the business together, but failed as the news emerged that Maxwell had stolen hundreds of millions of pounds from his own companies' pension funds to save the companies from bankruptcy. The Maxwell companies applied for bankruptcy protection in 1992.

 
plastic
post Posted: Jul 23 2011, 10:26 AM
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And now Scales is sold to the people involved with Vital and Seeka. TUR's got competition.

Might be just a coincidence, but Sandy Maier was ex-Citigroup. It was he who put SCF in the hands of the receivers. Now the receivers sell Scales to someone who is involved with Vital and Seeka with Seeka's largest holder being Citigroup.

All a bit convoluted if you ask me. And with the ACC and NZVIF being involved I wonder if it is not without Beehive influence.

Looks to me like TUR is about to be taken out with GPG selling its stake or perhaps TUR and Vital will end up with a cross shareholding and Zespri being retained as a single desk seller which should maintain compliance with WTO law.

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Receivers of the failed company South Canterbury Finance have confirmed the sale of a big stake in Scales Corporation for $44 million to a New Zealand investor.

That follows the confirmation of the sale of Helicopters New Zealand to Canadian Helicopters for $154m last week.

The receivers, Kerryn Downey and William Black of McGrathNicol, are trying to sell SCF's stake in one of New Zealand's largest corporate dairy farmers, Dairy Holdings, and its portfolio of "good loans".

The receivers said the sale of the 79.7 per cent shareholding in Scales Corporation to Direct Capital Investments had been completed and settled.

Scales' main businesses are Mr Apple, the largest apple grower in New Zealand, cool storage and a pet-food ingredients manufacturer.

"The completion of this transaction is a very positive outcome for the company, its shareholders and us as receivers," Downey said.

"This has been a comprehensive process that identified a highly credible New Zealand purchaser."

Scales chief executive Andy Borland said the company and its shareholders were pleased with the sale and it would allow the company to move on with its businesses.

Of the other 20.3 per cent in Scales, 12 per cent is owned by three shareholders and 8 per cent by nearly 500 small shareholders.

Direct Capital is a New Zealand-based investment firm that was established in 1994 to invest in private companies.

Direct Capital will complete the investment in Scales through its current fund, Direct Capital IV, and with co-investment from the New Zealand Superannuation Fund and Accident Compensation Corporation.






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What did Uncle Mel do to us?
 
plastic
post Posted: Jul 22 2011, 09:21 AM
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It's probably no coincidence that two large shareholders in Vital is a NZ gov't venture capital fund and Seeka, which is majority owned by Citigroup. Must be they have eyes for TUR and their distribution network.

One has to wonder just how genuine the Gibbs stance is.



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What did Uncle Mel do to us?
 
plastic
post Posted: Jul 15 2011, 10:45 AM
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So it turns out that Gibbs is a rank amatuer according to the gov'ts trade envoy Mr. Groser. Not very charitable and discounts all that Gibbs and Brierley et. al. have achieved over the years.

The following may have something to with the bad blood that seems to be flowing between GPG, TUR, Gibbs and others. Interesting too are the characters associated with Nestle, Vital, Inventages and BPV. They all seem to have their hand in GEN, NZX:BLT and a suite of other biotechs including gov't owned biotechs like Ag.Research, Hort.Sci etc.

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A subsidiary of global food giant Nestle says it is taking a minority stake in Vital Foods, a New Zealand company that specialises in developing kiwifruit-based "functional foods" solutions for gastrointestinal conditions.

Terms of the deal have not been disclosed, but Nestle Health Science said in a statement that it would take a seat on the board of Vital Foods "to help steer future product development as well as commercial strategy".

Vital Foods has two established products on the market - Kiwi Crush and Phloe - both of which use a natural kiwifruit extract shown in clinical trials to be effective against constipation, which affects about 15 percent of the general adult population in Oceania, Europe and the US.

Nestle Health Science chief executive Luis Cantarell said the Vital Foods products aligned strongly with his own company's commitment to science-based nutritional solutions for gastrointestinal health.

Vital Foods chief executive Gursh Bindra, said he was excited to have Nestle Health Science as a strategic investor and looked forward to working with it to further develop the product range.

Established in 1991, Vital Foods created a blend of green kiwifruit pulp as Kiwi Crush, sold as a frozen concentrate, then found that it could help the bowel problems of hospital patients as well as geriatric patients and pregnant women.

The drink has since been widely used in hospitals and nursing homes to aid digestion and relieve constipation. Vital Foods then patented a kiwifruit extract powder trademarked as Zyactinase, and used an improved version in Phloe liquids and chewable tablets for bowel health.

Inventages, a Bahamas-based company which manages Nestle Venture Funds, had been an investor in Vital Foods for a number of years.

About 7.8 million of Vital Foods' 9.8 million shares are held in the Bahamas or by Nestle in Switzerland.

Companies Officer records show the remaining two million shares are divided between 26 shareholders in New Zealand, including 489,000 held by BioPacific Ventures in Auckland and 178,000 held by Seeka Kiwifruit Industries in Te Puke.






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What did Uncle Mel do to us?
 

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macduffy
post Posted: Jun 22 2011, 02:54 PM
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In Reply To: plastic's post @ Jun 22 2011, 01:30 PM

Certainly is a little unusual even given the complexities of listings in UK, Aust and NZ.

My guess is that the three jurisdictions have different listing/notice rules and that the seemingly excessive notice is to accommodate that - or to be on the safe side!

I doubt that there's much more to it than that.

 
plastic
post Posted: Jun 22 2011, 01:30 PM
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Doesn't anyone think it is not a little odd to give a weeks notice of the intention to call a trading halt? And just so they can return capital as they have already indicated they will.

How orderly and predictable. Makes me think there is a twist in the tail.



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What did Uncle Mel do to us?
 
plastic
post Posted: May 17 2011, 08:22 AM
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Poor old Ron. Todays communique kind of has the makings of leaving Ron's legacy like that of a womble. And his recent foray with the Shareholders Association suggests a cantankerous one.

Doesn't look like he's in charge of much now and the underlying message in this is Coats is in trouble.

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Guinness Peat Group plc has today made awards to Paul Forman, Chief Executive, Coats plc and other senior employees of the Coats Group (Award Holders) pursuant to a new long term incentive plan (Awards).

Coats plc is a wholly owned subsidiary within the GPG Group. The Awards comprise a right to receive a cash amount upon the occurrence of certain events including: (i) a disposal of the majority of the Coats Group; (ii) a disposal of the majority of the businesses operated by the Coats Group; (iii) a change of control of GPG; (iv) at the time when the business operated by GPG is essentially the Coats business; and (v) 31 March 2014.

The amount potentially paid to an Award Holder in respect of their Award is calculated by reference to the value of the Coats Group at the time of the relevant event and having regard to the nature of the relevant transaction. Provided that the value of the Coats Group is greater than US$450m, Award Holders will share in an aggregate sum equivalent to the sum of: (i) 1.5% of the first US$600m of the value of the Coats Group; (ii) 10% of the value of the Coats Group greater than US$600m but less than or equal to US$900m; (iii) 12.5% of the value of the Coats Group greater than US$900m but less than or equal to US$1,350m; and (iv) 15% of the value of the Coats Group to the extent that it exceeds $1,350m.

The aggregate payment payable under the CIP will be: (i) capped at 9.9% of the market capitalisation of GPG on 14 March 2011; and (ii) restricted by reference to a formula relating inter alia to the market capitalisation of GPG.

Having regard to the recently announced strategy to realise value with the stated possibility that Coats plc will be the sole retained investment of GPG, the Board of GPG believes that the Awards will incentivise the Award Holders to maximise the value of the Coats Group for its shareholder and consequently the shareholders of GPG and as such will be for the benefit of GPG and its shareholders.




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What did Uncle Mel do to us?
 
plastic
post Posted: Mar 31 2011, 09:19 AM
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Wonder what Gibbs thinks of it all. Ron's next communique will be interesting.

QUOTE
Gary Weiss has quit Guinness Peat Group and chairman Mark Johnson won't seek re-election to the board as the diversified investment firm winds down.

Weiss will vacate his role as executive director at the end of April. Along with Blake Nixon, who will put himself up for re-election, they helped build a sprawling empire that came unstuck with sub-optimal investments and damage from the global financial crisis.

Johnson, who was brought in last September to oversee the company's wind-down, said his job is done as chairman, with GPG now on the road to make a capital return to investors. He won't put his name forward for election in June.

The long-serving Weiss, who sports a distinctive mop of hair, will stay on as chairman of GPG's thread-making company Coats Plc., for at least 12 months and provide consultancy services to the GPG board if needed.

That follows the pattern of Tony Gibbs, who was kept on as chairman of Turners & Growers and Tower Ltd. after being ousted from GPG.

The departures leave GPG under the control of the independent directors installed after shareholders threatened a revolt over restructuring plans the firm was forced to abandon.

Brierley said in February he feared the company had entered "a period of increasing madness," according to correspondence with the Shareholders Association.

Shareholders will get to vote at this year's AGM on whether to accept a capital return of $158 million via a scheme of arrangement under which they will get a cash payment in return for the cancellation of a proportion of their shares. The deal needs approval from UK Court and tax authorities.

Former chairman and founder Brierley had promised a substantial capital return as far back as 2008, when he first flagged his retirement, though the global financial crisis put the kybosh on those plans.

A bid to split up the company along regional lines led to a boardroom stoush, with New Zealand director Gibbs resigning after he publicly spoke out against the move to split the company up, and ultimately drove the investor revolt that removed Brierley and his team from power.

GPG's shares rose 0.5 cent to 79.5 cents in trading yesterday, and have gained 9.7 per cent this year. The stock is up 19 per cent since the company installed independent directors to review and drive the wind-down strategy.






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What did Uncle Mel do to us?
 
 


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