Offeror(s): Australasian Equity Partners Fund No.1 Limited Partnership

Independent Adviser(s): Grant Samuel & Associates (Rule 21)

Offer Date: 03/11/2011

Closing Date: 30/03/2012

Offer Type: Full

Exemption: Pyne Gould Corporation Limited - Exemption Notice 2011

Transaction summary:

The limited partners of Australasian Equity Partners Fund No.1 Limited Partnership (“AEP”) were Pyne Holdings Limited (“Pyne Holdings”) and Baker Street Capital, L.P.. Pyne Holdings was a related entity of George Kerr, who, along with Stephen Lowe, was a trustee of the Kerr Family Trust.

On 3 November 2011, AEP made a full takeover offer for Pyne Gould Corporation Limited (“Pyne Gould”). The Panel granted an exemption to rule 35 of the Code to allow Pyne Holdings, Baker Street and the Kerr Family Trust to accept the offer.

The independent adviser’s report valued Pyne Gould to be within the range of 49 to 57 cents per share. AEP’s original offer of 33 cents per share was later increased to 37 cents per share.

The offer’s initial closing date was 2 December 2011, but was extended several times and ultimately closed on 30 March 2012. At closing, AEP held or controlled 76.3% of the shares in Pyne Gould. 

We have not received consent to publish other documents in relation to this transaction on our website. However, copies of these documents are available upon request to the Panel under the Official Information Act 1982. Please send your written Official Information requests to takeovers.panel@takeovers.govt.nz