GPG sells century-old Newbury Racecourse stake for 6.4 mln pounds

Guinness Peat Group, the investment firm liquidating its investment portfolio, sold its 30 percent stake in Britain's Newbury Racecourse for 6.4 million pounds in a share buyback after investors agreed to the deal last week.

The investment firm sold 1.43 million shares at 4.50 pounds apiece in a share buyback approved at a general meeting last week, which the stock subsequently cancelled. The buyback was a 2.3 percent premium to Newbury's last trading price.

GPG flagged the sale earlier this month as it looks to divest assets and return capital to shareholders. The wind-down ultimately aims to rebrand GPG as its biggest asset, UK threadmaker Coats.

Newbury Racecourse funded the buyback with a 6.5 million pound loan from shareholder Compton Beauchamp Estates, which took a 31.9 percent stake after GPG's shares were cancelled.

GPG shares fell 0.8 percent to 58.5 cents on Friday.

BusinessDesk.co.nz

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