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Perpetual Trust sale finalised

Friday, January 17th 2014, 1:52PM

George Kerr-controlled Pyne Gould Corporation has completed the sale of Perpetual Trust and his company is now heading to Guernsey.

Perpetual Trust has been sold to interests associated with wealth management investor Andrew Barnes for $12.34 million.

The price is made up of $6.24 m for 100% of the equity and shareholder advances, debt taken over of $3.9m, and an in specie property distribution of $2.2m.

Further consideration is payable under certain corporate events which allows PGC to benefit to 40% of any value which Mr Barnes is able to create from corporate events relating to PTL in the future.

PGC is in the process of migrating to Guernsey as a prelude to the company seeking a listing on the London Stock Exchange.

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