Pyne Gould Corporation (PGC) today confirmed that it has placed a demand for payment from its sale of Perpetual Trust Limited with Bath Street Capital (BSC).
PGC was sold in January last year to BSC.
As well as the sale price, it was decided that an additional payment would be made when certain corporate events happened, relating to a sharemarket listing.
PGC claims it is now owed $22.2 million and the payment is due.
PGC has formally requested payment of the $22.2m (plus interest and costs) from BSC and says it will pursue that.
PGC said it expects to fully recover the $22.2m.
However, for the purposes of the 31 December 2014 half year accounts, it was revalued to $19.3 million by independent valuer Grant Thornton. With Grant Thornton’s recent appointment to be PGC’s auditors, PGC will appoint a new independent valuer to consider the matter should the amount still be outstanding on June 30.
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