GPG seeks $350m for investments

Investment company GPG plans to raise up to $350 million through a capital notes issue, with an eye to further investment opportunities.

The company said it was considering a range of opportunities within its existing portfolio "and in the broader Australian, New Zealand and UK markets".

The offer, made through its subsidiary, GPG Finance, would be for $250 million, with leeway for up to $100 million more in over-subscriptions.

It was conditional on shareholder approval at a meeting on August 31.

GPG said the offer would consist of an exchange offer for holders of existing notes and a general offer. The general offer would open on August 31 and close on September 29, subject to variation.

Holders of existing notes issued in 2001 would be able to exchange their notes between August 8 and 29.

GPG Finance has asked the stock exchange to put a trading halt on the notes from July 31 to September 1, with trading recommencing on September 4.

British-based parent GPG Holdings would then buy back all remaining 2001 capital notes on November 15.

- NZPA