Pyne Gould confirms repayment of loan to SCF

Pyne Gould Corp. confirmed that a $100 million loan to South Canterbury Finance has been repaid following the finance company’s collapse into receivership.

PGC is a minority holder in Torchlight Fund No. 1, one of the parties that advanced the loan to SCF, through its Torchlight Investment Group subsidiary. Another subsidiary manages the fund.

The loan was repaid from a $175 million loan the government extended to Trustee Executors to settle prior claims on SCF, whose receivership has triggered a $1.6 billion call on the government’s retail guarantee.

PGC said the Torchlight Fund has committed capital of $150 million after raising capital in July. It specialises in making “counter-cyclical investments at a time of low liquidity in the banking and investment sectors,” it said.

Torchlight is PGC cornerstone shareholder George Kerr’s private equity vehicle which he uses to invest in distressed assets, holding them until they recoup their value.

PGC's shares were unchanged at 42 cents on the NZX.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Printable version

Related News

Kerr takeover may give PGC investors bargain-hunting opportunity
Kerr may gain control of Pyne Gould
Pyne Gould's EPIC fund to repay bank loan after Thames Water sale
Kerr's Torchlight eyes Australian real estate fund amid PGC takeover
Pyne Gould no longer a dividend stock, needs capital to grow, Kerr says in takeover offer
Pyne Gould shareholders grumble in directors' election vote
Kerr accelerates Pyne Gould takeover bid; questions hang over Epic contract
Kerr and Baker Street make full takeover offer for Pyne Gould Corp at 33 cents
Pyne Gould faces loss of $141.1 mln on restructure, Torchlight still profitable
Baker Street increases stake in Pyne Gould Corp

Get quotes for Pyne Gould Corporation Limited (PGC)

NZX Annoucements for PGC