Mystery buyer bids for 10pc of PGC

The identity of a buyer seeking a 10 per cent stake in finance and rural services group Pyne Gould Corp remained a mystery last night.

Brokers were surprised by the move, with several saying they had no idea who the bidder was.

Interest emerged when broker Macquarie Equities told the stock exchange it had an order to offer $5 a share for 9.79 million PGC shares including its 4c-a-share interim dividend.

This added 11 per cent to the company's $4.50 Wednesday closing price - but the shares rose 51c to more than match the $5 offer price when the market opened yesterday.

Macquarie said the order was conditional on being filled within two days but added that their unnamed client reserved the right to accept a lesser stake.

The 10 per cent offer closes at the end of today - or earlier if filled sooner.

At the start of the month, PGC announced a 33 per cent rise in net profit for the half-year ended December 31. It posted a net profit of $14.3 million for the period, up from $10.8 million for the previous corresponding period. Ignoring one-off items, the net profit was $13.5 million, up from $10.5 million.

Christchurch-based PGC operates several business units including rural services company Pyne Gould Guinness. Separately listed on the stock exchange, PGC owns 55 per cent of its shares.