Mystery buyer changes Pyne Gould offer conditions

The unnamed bidder seeking a chunk of Pyne Gould Corporation (PGC) said today its stand in the market was no longer conditional on gaining a 10 per cent stake in the company.

Macquarie Equities said today in a letter to the stock exchange on behalf of the bidder all shares offered for sale would be accepted by its client.

"The purchase order is no longer conditional on 9,786,675 shares being offered into the facility for purchase," Macquarie said.

Macquarie Equities yesterday told the market it had an order on behalf of an unnamed client to offer $5 a share for just under 9.79 million PGC shares including its 4c-a-share interim dividend.

Today Macquarie also said if the offer price was increased, then any shareholders who accepted the current offer would receive the higher price.

"This includes all shares already offered for sale in the special order facility," the letter said.

The offer was due to close today.

Shares in PGC gained 1c today to $5.02, adding to the 51c gain it racked up yesterday after the market stand was announced. The shares have ranged between $2.58 and $5.11 over the past 12 months.

- NZPA