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Kerr's Australasian Equity waives 90% acceptance condition

Tuesday 31st January 2012

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George Kerr’s Australasian Equity Partners No. 1 LP waived the 90 percent minimum acceptance condition of its takeover offer for Pyne Gould Corp and extended the closing date by two weeks.

Kerr now has an interest in 55.9 percent of Pyne Gould, according to a substantial security holder notice on Jan. 27. Today he extended the 37 cents-a-share offer, which was due to close today, until Feb. 15.

“As the 50% minimum acceptances condition has been satisfied, the offer is now unconditional as to acceptances,” Australasian Equity said in its statement.

Pyne Gould, which holds the assets left over after the finance company tipped its Marac Finance unit into Heartland New Zealand, rose 2.9 percent to 36 cents on the NZX today.


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