Brierley grabs 5.05% of cashed-up India Equities for A$293,714
July 20 (BusinessDesk) – Ron Brierley, the former chairman of Guinness Peat Group, has taken a 5.05% in India Equities
Fund Ltd., a cashed-up investor in India that trades on the ASX, suggesting he may be seeking a new vehicle for
investments.
Brierley made the purchase via a company called Siblow Pty, according to a statement to the ASX. He bought 6.1 million
shares for A$293,714, which amounts to about 4.8 cents a share. The shares jumped 8% to 5.4 cents yesterday. Its net
tangible assets were 6.06 cents a share as at June 30.
Brierley’s appearance on the share register has been welcome by India Equities’ major shareholder, Wilson Asset
Management with 20%, according to the Sydney Morning Herald. That firm’s Geoff Wilson said it was “a strong endorsement
of the board’s strategy,” the report said.
Guinness Peat is looking to sell down its assets and has gained U.K. High Court approval for a share cancellation scheme
that paves the way for it to return $158 million to shareholders.
The investment company overhauled its governance after a shareholder revolt last year, with Brierley stepping down as
chairman in December, and Sydney-based Gary Weiss relinquishing his seat at the board in April.
Brierley has been a corporate raider since the 1960s and founded Brierley Investments Ltd., once a giant of the New
Zealand stock exchange and now renamed GuocoLeisure Ltd. with a primary listing in Singapore.
(BusinessDesk)