GPG announces $130m share placement

Guinness Peat Group (GPG) announced today it has undertaken a global share placement to raise up to $130 million.

The placement, designed to fund future investments, took place via a book build early this morning, New Zealand time.

GPG said it had appointed Goldman Sachs JB Were to manage the placement of 40 million new shares at a placement price of a minimum of $2.52 each, with the right to place an additional 11 million new shares.

The shares, to be issued on April 13, would trade on the London and New Zealand Stock Exchanges, and be quoted on the Australian Stock Exchange.

GPG, the investment vehicle of Sir Ron Brierley, said it was considering a range of investment opportunities within its existing portfolio and in the broader Australian, New Zealand and UK markets.

Shares in GPG last traded yesterday at $2.68.

- NZPA