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.”
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