Baker Street becomes largest holder of Pyne Gould

Published: Thu 4 Aug 2011 06:07 PM
Baker Street becomes largest holder of Pyne Gould with 19.78% stake
Aug. 4 (BusinessDesk) - Baker Street Capital, a Californian hedge fund manager, has increased its stake in New Zealand finance company Pyne Gould Corp. to 19.78% as the Accident Compensation Corp. and Harrogate Trustee Ltd. sell down their shares.
Harrogate sold 11.2 million shares today while ACC sold about 1.98 million shares yesterday, according to statements to the NZX.
Baker Street paid 38 cents for 16 million shares in Pyne Gould Corp., an asset and wealth management company that poured its main Marac unit into the Heartland New Zealand merger. The shares ended the day unchanged at 37 cents, valuing Pyne Gould at $80.2 million.
Baker Street overtakes Pyne Gould director George Kerr, with an indirect interest in 14% of the company though Pyne Holdings and the Kerr Family Trust.
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk

Next in Business, Science, and Tech

Do Shareholders Realise Marsden Point Conversion Could Cost More Than Half A Billion Dollars?
By: First Union
Massive Rebound In Civil Construction Business Confidence
By: Civil Contractors NZ and Teletrac Navman
Feeling Our Way Towards Hydrogen - Tina Schirr
By: Business NZ
ASB’s New Support Finder Tool Helps Connect Customers With Thousands In Government Support
New Home Consents Continue To Break Records
By: Statistics New Zealand
June Home Transfers Remain High
By: Statistics New Zealand
View as: DESKTOP | MOBILE © Scoop Media