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Guinness Peat exits disastrous investment in UK's Ashley House

Tuesday 17th April 2012

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Guinness Peat Group, the investment company winding down its portfolio, has exited its remaining holding in Ashley House, a UK-based health and social care property company whose shares have shed 93 percent of their value in the past five years.

No price was given in a one-sentence statement to the London Stock Exchange, where Ashley House trades on the Alternative Investment Market.

GPG sold its remaining 1,336,338 shares in the company, which would have been worth about 147,000 pounds at their most recent price of 11 pence. The shares traded at 156.5 pence in early 2008, when GPG’s holding was about 9.5 percent.

Ashley House reported a loss of 18.2 million pounds for the six months ended Oct. 31, reflecting impairment charges, as revenue fell 8 percent to 12.4 million pounds.

GPG’s own shares last traded on the NZX at 49 cents and have fallen from as much as 85 cents in May last year.

GPG has scheduled its annual meeting for May 24 in Auckland.

(BusinessDesk)

BusinessDesk.co.nz

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