Friday 24th August 2012 |
Text too small? |
A private investment fund linked to billionaire investor George Soros has appeared on the register of Guinness Peat Group, which is winding down its portfolio of assets to return funds to shareholders.
Quantum Strategic Partners, a fund managed by Soros Fund Management, has raised its stake in GPG to 7.9 percent, or 128.2 million shares, GPG said in a statement to the London Stock Exchange.
The existence of the Soros fund as a GPG shareholder had not previously been disclosed. Quantum is described as focusing on "capital-intensive start-ups, buyouts, and growth equity transactions and seeks to acquire world-class assets that can generate strong and growing cash flows."
The move comes as former GPG director Gary Weiss mounts a hostile takeover bid for the financial services company, ClearView Wealth, in which GPG holds a 48 percent stake.
Earlier this week, ClearView directors urged shareholders to reject the A$220 million offer from buy-out firm Crescent Capital Partners, who plan to install Weiss as ClearView's chairman, if successful.
It also follows a notification from GPG yesterday that Hong Kong investor Tan Chin Tuan Pte had sold its 5.4 percent stake in GPG. GPG has been in the process of selling assets and returning capital to shareholders, with its primary remaining asset being the global thread-maker, Coats.
BusinessDesk.co.nz
No comments yet
NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024