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GPG shareholders approve Brunel merger


Thursday 14th November 2002

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Guinness Peat Group shareholders have approved the British-based investment company's reverse takeover of Britain's Brunel Holdings.

GPG said in a statement today that more than 99 percent of votes were cast in favour of the merger, which involves an exchange of shares whereby Brunel will effectively become the "new" GPG.

Under the proposal, each GPG shareholder will receive one new Brunel share for each GPG share, leaving GPG shareholders with 98.6 percent of Brunel.

Subject to High Court approval in Britain, GPG expected the merger to become effective on December 13.

Trading of the new Brunel shares will begin on the New Zealand and Australian stock exchanges on December 16.

The merger is an attempt by GPG to adopt a tax efficient and flexible structure, and part of a reorganisation of Brunel, which bills itself as the world's second largest tobacco processing equipment company.

The deal would involve Brunel splitting off its core trading businesses first into a new company, Dickinson Legg Group.

Brunel will change its name to Guinness Peat Group plc, and at the same time Guinness Peat will change its name to GPG (UK) Holdings.

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