Breastwork
15-06-2011, 12:20 PM
Mystery hedge fund targets PGC
Here's an early raid warning:
Canterbury’s Pyne Gould Corporation, which merged its finance unit Marac into the newly formed Heartland New Zealand, has attracted the attention of a Californian hedge fund.
The Californian's reputation proceed them; the Baker Street fund is known for making snappy raids on company share registers.
In a shareholder notice filed to the NZX yesterday, Baker Street disclosed that it had on June 9 acquired 1.18 million shares in PGC at 40c each, taking its overall stake in the company to 5.35% (11.58 million shares).
Baker Street leaves hardly any trail with no website and very few media references besides the occasional Sec filings notifying an interest in acquiring shares in US companies.
One reference depicts Baker Street as a “value-focused investment fund modelled after the partnerships managed by Warren Buffett from 1956 to 1969.”
Others describe it as a long/short equity hedge fund headquartered in Los Angeles, California.
PGC shares slumped 7.5% to 37c yesterday after it emerged that the company had agreed to take up another $10 million of Heartland shares and along with an unnamed third party, underwrite the rest of Heartland's $55 million capital raising as part of Heartland’s deal to buy PGG Wrightson’s finance operations.
PGC’s 5000 shareholders have already been allocated new shares in the $2.6 billion Heartland Group following the distribution of PGC’s shares in the merged entity.
PGC has also sold off the bulk of its shares in PGG Wrightson, leaving it with a wealth and funds management unit, a trustee services group and various property assets.
More by Duncan Bridgeman
http://www.nbr.co.nz/article/mystery-hedge-fund-targets-pgc-db-p-95302
Here's an early raid warning:
Canterbury’s Pyne Gould Corporation, which merged its finance unit Marac into the newly formed Heartland New Zealand, has attracted the attention of a Californian hedge fund.
The Californian's reputation proceed them; the Baker Street fund is known for making snappy raids on company share registers.
In a shareholder notice filed to the NZX yesterday, Baker Street disclosed that it had on June 9 acquired 1.18 million shares in PGC at 40c each, taking its overall stake in the company to 5.35% (11.58 million shares).
Baker Street leaves hardly any trail with no website and very few media references besides the occasional Sec filings notifying an interest in acquiring shares in US companies.
One reference depicts Baker Street as a “value-focused investment fund modelled after the partnerships managed by Warren Buffett from 1956 to 1969.”
Others describe it as a long/short equity hedge fund headquartered in Los Angeles, California.
PGC shares slumped 7.5% to 37c yesterday after it emerged that the company had agreed to take up another $10 million of Heartland shares and along with an unnamed third party, underwrite the rest of Heartland's $55 million capital raising as part of Heartland’s deal to buy PGG Wrightson’s finance operations.
PGC’s 5000 shareholders have already been allocated new shares in the $2.6 billion Heartland Group following the distribution of PGC’s shares in the merged entity.
PGC has also sold off the bulk of its shares in PGG Wrightson, leaving it with a wealth and funds management unit, a trustee services group and various property assets.
More by Duncan Bridgeman
http://www.nbr.co.nz/article/mystery-hedge-fund-targets-pgc-db-p-95302