GPG sells Newbury Racecourse stake for 6.4M pounds

Article – BusinessDesk

GPG sells century-old Newbury Racecourse stake for 6.4 mln pounds in share buyback

GPG sells century-old Newbury Racecourse stake for 6.4 mln pounds in share buyback

Nov. 19 (BusinessDesk) – Guinness Peat Group, the investment firm liquidating its investment portfolio, sold its 30 percent stake in Britain’s Newbury Racecourse for 6.4 million pounds in a share buyback after investors agreed to the deal last week.

The investment firm sold 1.43 million shares at 4.50 pounds apiece in a share buyback approved at a general meeting last week, which the stock subsequently cancelled. The buyback was a 2.3 percent premium to Newbury’s last trading price.

GPG flagged the sale earlier this month as it looks to divest assets and return capital to shareholders. The wind-down ultimately aims to rebrand GPG as its biggest asset, UK threadmaker Coats.

Newbury Racecourse funded the buyback with a 6.5 million pound loan from shareholder Compton Beauchamp Estates, which took a 31.9 percent stake after GPG’s shares were cancelled.

GPG shares fell 0.8 percent to 58.5 cents on Friday.

(BusinessDesk)

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