Investments (excluding Coats)
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* Listed investments at market value translated at exchange rate ruling on 22 February 2013
** Tandou and non-listed investments, which includes GPG’s investment in Tourism Property Investment Group (10.0%) and a freehold site formerly owned by Gosford Quarry Holdings, are shown at book value.
On 23 February 2013, GPG agreed to sell its entire shareholding in Tandou to a number of unrelated parties. Proceeds from this transaction are expected to total A$15 million.
On 17 April 2013 the Company announced that it had recently entered into, or completed, a number of transactions in relation to its investment portfolio:
- Following shareholder approval at its AGM on 21 March, Tower Limited paid a capital return of NZ$119.2 million (GPG share NZ$40.1 million or £22.2 million) on 12 April 2013. The capital return was in the form of a pro-rata cancellation of shares on a 3:13 basis, which reduces GPG’s holding to 69.6 million shares
- On 10 April 2013 GPG agreed, under the terms of a pre-bid agreement, to sell 25,032,432 CIC Australia Limited (“CIC”) shares held by GPG (a 19.9% stake) for A$0.60 per share (ex-dividend) to Peet Limited (“Peet”) as part of a conditional, off-market takeover offer by Peet for CIC. GPG intends to accept the takeover offer for its entire shareholding (approximately 73%) in CIC on or before 7 May 2013, subject to there being no superior proposal at that time. Prior to the above takeover offer by Peet, CIC announced a dividend of 3 cents per share (GPG share approximately A$2.7 million (£1.8 million)) payable on 21 May 2013. Assuming the takeover offer by Peet is completed, GPG expects to receive total proceeds (including the recently announced dividend) of approximately A$57.7 million (£39.2 million)
- On 12 April 2013, GPG agreed to sell its entire shareholding in PrimeAg Australia Limited for total consideration of A$38.5 million (£26.1 million)
- On the sale in December 2012 of GPG’s 100% owned subsidiary, Gosford Quarry Holdings Pty Limited (“Gosford”), GPG retained Gosford’s Sydney property for future sale. GPG completed the sale of this property on 12 April 2013 for total cash consideration of A$5.3 million (£3.6 million)
- GPG recently agreed to sell its 10% interest in Tourism Property Investment Group for total consideration of A$1.2 million (£0.8 million)
Assuming all of the above transactions (under their current terms) proceed to completion, GPG would expect to receive total cash proceeds of approximately £92 million (NZ$166 million).