PGC - Licenced to Bank

[Balance]

That's the way George want's it, hoping the punters will give up and leave him alone

When the heat is on, lie low.

Or the calm before the storm?

[Breastwork]

http://www.chrislee.co.nz/index.php?page=taking-stock

"I would wager that this is their last deal in New Zealand backed by EPIC investors."

I think he could have gone further and said any NZ investor.

[Grantas]

It goes on ...and on ....and on ............... Really interested to see what the FMA comes up with as a result of their investigation.

[winner69]

It goes on ...and on ....and on ............... Really interested to see what the FMA comes up with as a result of their investigation.

High Court judge says can't be kept secret anymore ...... It's all out in the open now a nd prob some have been naughty boys using a cash fund to finance their own ventures

Not a good look .... But we live in an evil and wicked world ans some believe they can behave like this ...... Even Barclays got caught out

They will get their commuppance one day - when the finance industry finally is forced to do things the old fashioned way
Judge says

[percy]

It goes on ...and on ....and on ............... Really interested to see what the FMA comes up with as a result of their investigation.

I say anybody got a spare $25mil they can lend uncle Georgie? Dam FMA want to unwind a related party deal.
Short term only,repayment in Epic shares? !

[Xerof]

Heartland, percy......?

[Lizard]

Heartland, percy......?

Haha. So I take it that Perpetual Cash Management Fund loaned money to Torchlight to buy George Kerr's HNZ shares (plus a few more), so that he had the funds to contribute to Australasian Equity Partners in order to pay for partial takeover of PGC?

Would make perfect Kerr-sense to borrow from HNZ to repay the loan....though I see Torchlight sold down a few again in May - perhaps we'll see some more buying opportunity in HNZ shares prior to full repayment?

[Breastwork]

PGC emails reveal company plans
Last updated 15:25 05/07/2012
TIM HUNTER0

Emails sent by Pyne Gould Corporation director George Kerr reveal the company plans to move its primary listing to Australia and divest subsidiary Perpetual Trust.

The details emerged as it battles regulatory action by the Financial Markets Authority over multimillion dollar related party lending between Perpetual and a Kerr-controlled investment fund called Torchlight.

In correspondence discussing the issue with public relations adviser David Lewis this week, Kerr said PGC had been prepared for structural separation since April 2.

''We have a release in a few days saying PGC is relisting on the ASX and focusing on its sole business Torchlight ... and divesting Perpetual group,'' he said.

The email indicated current Perpetual executive Patrick Middleton would run the New Zealand unit while Kerr would remain in Australia.

He told Lewis: ''We need to ensure that PGC Torchlight speak from Sydney - never New Zealand - so they [the media] can email Yvonne - we don't take calls.''

Kerr's frustration with the FMA's action is apparent in the email exchange.

Advised to apologise rather than criticise the FMA, Kerr responded: ''Apologies? What exactly for?''

''That's what Helen said to me when I had the temerity to suggest Labour to apologise for the pledge card debacle,'' replied Lewis, a press secretary to former Prime Minister Helen Clark.

''There might be nothing to apologise for, but that's not how it will be reported.*

''If you want to close this down in terms of the media, the best way is to grit teeth, say sorry and then move on and fight another day on your terms.''
- © Fairfax NZ News

[Xerof]

Quite enlightening really. First of many?

https://www.fma.govt.nz/media/893058...t_decision.pdf

Dear George, AJH would be proud of you as if you were his own son. The likeness is astounding.

[percy]

Heartland, percy......?

My thoughts exactly Xerof.
HNZ buys PGC's HNZ shares and cancels them,or buys them as treasury stock to issue when it buys another building society/finance company.I think HNZ shareholders would be pleased to see the last of G.Kerr and PGC.