Ratatat-tat -- Another one

It was pointed out to me that until recent events Heartland New Zealand's largest shareholder was Pyne Gould Corp and the fourth largest shareholder is Pyne Holdings. Focus on the corporate structure below.

1. Pyne Gould shares were held by Torchlight Securities (TS), which is 100% owned by Pyne Gould Corp (PGC).
2. Pyne Gould owns only 10% of Torchlight Fund LP1 (LP1)
3. Pyne Nominees is 100% beneficially owned by George Kerr and owns 9% of  LP1 and Mogridge has a direct stake in LP1

It is interesting to note that the money which I assume is being raised to plug the hole in LP1, which was funded by the loan from the cash fund is raised not by selling Kerr's shares in Heartland held through Pyne Nominees, but by selling PGC's Heartland shares held through TS. You would have expected the Heartland shares to at least have been sold down in equal amounts spread between Pyne Nominees and PGC.

Surprised?

Cheerio!
jA
Anderson Cooper once said, I think it's a good thing that there are bloggers out there watching very closely and holding people accountable. Everyone in the news should be able to hold up to that kind of scrutiny. I'm for as much transparency in the newsgathering process as possible.