GPG produces strategy for its future

GPG has announced plans for its future which include how it will wind down its portfolio and that it will finally hold its annual meeting in New Zealand.

The key points in its strategy released this morning are that

• 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.

Read the full document here

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