Gould company raises $6.2 million for investments

By NZPA

Monday 17th February 2003

South Island businessman George Gould is cranking up his investment activities after raising cash for his company Gould Holdings.

Mr Gould, chief executive of rural services firm Pyne Gould Guinness and chairman of Designer Textiles, said Gould Holdings has raised $6.2 million in new equity to fund investments, including stakes in listed companies.

"It is possible, and likely, that further equity will be raised to other parties in the near future," Mr Gould said in a statement today.

By increasing the shareholder base to 18 from one, Mr Gould diluted his stake in Gould Holdings to 71.5 percent.

Gould Holdings' main asset is 24.7 percent of Designer Textiles, and last week Mr Gould also disclosed the purchase of 10.3 percent of plastics manufacturer Vertex.

The two holdings plus cash bring Gould Holdings' total assets to $15 million, and the company has no bank debt, he said.

Designer Textiles was the top performing stock on New Zealand's sharemarket last year and announced last week a 25 percent increase in interim profit.

Vertex met its reduced profit forecast last year, but its shares have fallen from their listing price of $2.05 last July to $1.59.

Designer Textiles shares closed up 4c at $1.04.

Mr Gould is chairman of Gould Holdings, and John Maasland, ex-chief executive of Wilson & Horton and new Carter Holt Harvey chairman, is a director.

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