4 Jul 2011

GPG sell-off approved by UK court

1:22 pm on 4 July 2011

A court in the UK has sanctioned Guinness Peat Group's plan to sell its assets and return the proceeds to investors.

The Sir Ron Brierley-founded investment concern, which has 30,000 New Zealand shareholders, has decided to sell nearly all its $1.3 billion portfolio and return the proceeds to shareholders.

The High Court of Justice for England and Wales has sanctioned the plan, and another court hearing confirming the plan was to be held.

Shareholders have already approved the deal.