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Barnes counter-sues Kerr over trustee company sale

Friday, November 27th 2015, 5:40PM

Bath Street Capital (BSC) says that it has filed a counter-claim for damages against Pyne Gould Corporation over the sale of Perpetual Trust.

The George Kerr-controlled PGC claims it is owed $22.2 million over the sale of the trustee company to BSC as BSC had failed to list the business.

BSC director Andrew Barnes says that subsequent to filing its defence in response to the claim, it has brought a counterclaim for damages against PGC. BSC says that the damages are in excess of the amount of PGC's claim.

“The agreement between the parties was for a payment to be made to PGC in the event of the listing of a subsidiary company of BSC on the Main Board operated by NZX Limited," Barnes says. "We are robustly defending PGC's claim on the grounds that there is absolutely no obligation under the agreement to list by a particular date or even at all – since listing is a serious step for both the company and the potential investors, and so is dependent on many factors having come together to make the timing right. We look forward to presenting our case in court.”

BSC’s counterclaim against PGC relates to the conduct of PGC that interrupted BSC’s preparations for a listing. Barnes says, “PGC's recent conduct has necessitated this counterclaim. A series of actions taken by PGC after the agreement was put in place has substantially slowed progress towards a listing and caused BSC and its related entities to incur substantial costs. We calculate damages in excess of the amount of PGC's claim, however the total amount is unquantifiable at this time.”

Tags: Andrew Barnes Bath Street George Kerr Perpetual Guardian PGC

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
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ANZ Special - 7.14 6.79 6.65
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
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Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
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Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
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Resimac - LVR < 80% 8.84 8.09 7.59 7.29
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Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
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Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.21 7.29 6.65

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