How to lose $22m in 6 months

George Kerr has a reputation for being an astute dealmaker and the following is based on the assumption that it was him and Bryan Mogridge behind the dealing at PGC and Torchlight. Your board under the leadership of Bryan Mogridge is double backing and he is contradicting himself, which ultimately cost PGC shareholders and arm and a leg.

Perpetual challenges FMA raids...with your money

While you read the following article by Niko Kloeten on Good Returns remember that Perpetual/Pyne Gould uses company money and therefore essentially shareholder money to protect that what has now become the farsical behaviour of its directors.

J

Perpetual challenges FMA raids

Perpetual Trust has taken the Financial Markets Authority to court over searches of companies associated with Pyne Gould Corporation, as part of an investigation into related-party loans.

 

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.

Wholly owned subsidiary Perpetual Trust buying PGC shares

We’ve noticed some interesting filings on Pyne Gould’ public register at the Companies Office.
On 7 Feb 2012 the following three filings were made.

1.  Perpetual Trust Limited (100% owned by Pyne Gould) was added as a new shareholder and holds 1,786,989 (0.8%) whilst Levered Equity Finance was removed. 
2.  George Kerr, in his personal capacity, is added as a new shareholder holding 2,125,445 (1%). 
3.  Gould Holdings Limited, with directors George Gould and Kevin Arscott, is removed as shareholder. 

We are asking the obvious questions.........................