Pyne Gould Corporation says it is yet to receive $22 million for the sale of Perpetual Trust.
In April, PGC said it would receive the money from Andrew Barnes’ Bath Street Capital by the end of the year.
That announcement was made after Perpetual Trust and NZ Guardian Trust announced a merger.
PGC said at the time: “Following discussions with PTL regarding that company's likely participation in future industry consolidation, the parties have agreed this further sale consideration will be fixed at $22 million. Whilst precise timing is not possible to determine, PGC anticipates it will receive payment by approximately year's end.”
The company said yesterday the money had not yet been received.
“PGC has made an enquiry as to the likely timing of payment, and has now received a response that does not indicate any particular timeframe for receipt of the consideration amount. The outstanding amount and its status will be pursued through the appropriate channels.”
The amount will be reclassified in PGC’s accounts as an available for sale financial assets, measured at fair value by an independent valuer.
PGC said the impact of that on the firm’s NPAT for the year to June 30 would be reported once the valuation was complete.
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