Published 24 January 2012
Pyne Gould Corp Ltd director George Kerr has increased his interest in the company by 1.6% since last Thursday to 52.21%, but hasn’t indicated whether he’ll proceed with a takeover if he remains well short of the compulsory acquisition level of 90%.
Mr Kerr is the general partner of takeover vehicle Australasian Equity Partners Fund No 1 LP, which got over the 50% mark in its bid for the Christchurch-based listed company on 18 January. Closing date for the bid is 31 January, but waiving the 90% minimum acceptance condition would give AEP the option to extend the offer for another 60 days from the waiver date.
AEP originally offered 33c/share, then increased it to 37c on 17 November. Grant Samuel assessed the value of Pyne Gould to be within a range of 49-57c/share, putting the original offer at a 33-42% discount. The shares have traded at 34-35c since late November.
19 Janbuary 2012: Kerr passes Pyne Gould takeover mark, says more capital will be needed
23 December 2011: Kerr up to 47% of Pyne Gould, extends offer again
1 December 2011: Kerr sees Europe crisis opportunities for post-takeover Pyne Gould
25 November 2011: Kerr extends Pyne Gould offer period
22 November 2011: Extra 4c changes everything at Pyne Gould
18 November 2011: Kerr lifts PGC offer as appraisal of original bid released
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.