PGC - Licenced to Bank

[Breastwork]

http://www.nzherald.co.nz/business/n...ectid=10821019

[Balance]

http://www.nzherald.co.nz/business/n...ectid=10821019

Any company or trust protective of its image will be getting rid of Perpetual Trustee.

The downward spiral for Dodgie Georgie is accelerating.

His is an abject lesson on how "arrogance can becometh a man and how arrogance begets self-destruction".

[Grantas]

http://www.nzherald.co.nz/business/n...ectid=10821556

[Grantas]

Quote from Market Update to NZX 16/07/12

"The proceeds from the sell down announced to the market on Friday 6 July 2012 and the proceeds from the sales referred to in this announcement are being applied by PGC to repay its bank facilities with approximately $22 million, the proceeds above this level are available for other investments.
The Managing Director of PGC will provide a statement on the investment strategy for the PGC Group this week."

Nothing to date from George ... guess he's busy juggling. Or maybe fiddling while PGC burns. (was it Nero this type of behaviour was originally associated with?)

[janner]

Nero drank from lead pipes. GK is trying to turn lead into gold

[Breastwork]

So the funds came from the sale of real estate and not from the sell down of hnz shares?
Or is this another of GK's spins?

[Breastwork]

6 MILLION IN MANAGEMENT FEES!!

I now understand its shareholders concerns.

Yet another EPIC...

[Grantas]

Just a refresher in the Torchlight Funds as at July 2011, as regards EPIC thats progressed .... ??????
I'm losing track of just what PGC does still own.

"The following relationships exist between the parties:
(a) PGC owns 11.06% of EPIC;
(b) Equity Partners Infrastructure Management Limited (“EPIM”), a wholly owned
subsidiary of PGC, provides management services to EPIC, and is entitled to receive
a management fee equal to 1% per annum of the gross asset value of EPIC;
(c) The Torchlight Fund No. 1 LP (“Torchlight”) holds 5.32% of the shares on issue of
EPIC and an option to acquire further shares in EPIC, which if exercised would result
in Torchlight holding 19.99% of EPIC. Torchlight also holds 12,719,165 convertible
notes issued by EPIC, which have an issue price of $1 per note, and which are
convertible at the option of Torchlight for 90 cents per share;
(d) Torchlight is a Limited Partnership, the general partner of which is Torchlight (GP) 1
Limited (“Torchlight GP”) which is a wholly-owned subsidiary of PGC. PGC holds
partnership interests in Torchlight representing 10% of the total capital commitment
of Torchlight;
(e) PGC’s directors are Messrs Mogridge, Irvine, Kerr and Duncan;
(f) Mr Duncan is also a director of EPIC, EPIM and Torchlight GP;
(g) Mr Mogridge is a director of Torchlight GP and a limited partner of Torchlight . This
interest is not material to Mr Mogridge in the overall context of his investments;
(h) Mr Kerr is a director of Torchlight GP and a limited partner of Torchlight who holds
(through Pyne Holdings Limited, a limited partner of Torchlight) interests, being
7.83% of the capital commitments of Torchlight. This interest is material to Mr Kerr;
and
(i) Mr Kerr also holds 200,000 shares in EPIC through Pyne Holdings Limited. The PGC
Board and Mr Kerr do not consider that this interest is material to Mr Kerr, in the
overall context of his investments.
10. In these circumstances, EPIC (and Torchlight) are therefore Related Parties of PGC for the
purposes of Rule 9.2.3.
11. Listing Rule 9.2.1 prohibits an Issuer entering into a Material Transaction if a Related Party is,
or is likely to become, a direct or indirect party to the Material Transaction, or to at least one
of a related series of transactions of which the Material Transaction forms part, without
shareholder approval being obtained "

[Breastwork]

http://m.nzherald.co.nz/business/new...ectid=10821924

Bit rich coming from the ones who are claiming a performance fee.....

[Grantas]

$22 million to the Bank
$6 million in fees
$13 million to Perpetual