Friday 23rd September 2011
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Guinness Peat Group, the investment company winding up its portfolio, sold its 19.4% stake in Turners Auctions in an off-market transaction with Milford Asset Management.
GPG sold 5.3 million shares in the auctioneer today, according to a statement to the NZX. The shares dropped 8.3% to $1.33 today, valuing the stake at $7 million.
Milford managing director Anthony Quirk wasn’t immediately available to comment, though the fund manager was named in the GPG statement as the other party required to make a disclosure over the transaction.
GPG is in the process of winding itself down after several years of underperformance, and shareholders voted for the firm to return capital at their annual meeting in June, the first and likely only one to be held in New Zealand.
Shares of GPG fell 3.4% to 57.5 cents.
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