GPG exits disastrous stake in UK firm
Tue, 17 Apr 2012 10:19a.m.
No price was given in a one-sentence statement to the London Stock Exchange, where Ashley House trades on the Alternative Investment Market.
GPG, the investment company which is winding down its portfolio, sold its remaining 1,336,338 shares in Ashley House, which would have been worth about STG147,000 ($NZ283,100) at their most recent price of 11 pence.
The shares traded at 156.5 pence in early 2008, when GPG's holding was about 9.5 per cent.
Ashley House reported a loss of 18.2 million pounds for the six months ended October 31, reflecting impairment charges, as revenue fell 8 per cent to 12.4 million pounds.
GPG's own shares last traded on the NZX at 49 cents and have fallen from as much as 85 cents in May last year.
GPG has scheduled its annual meeting for May 24 in Auckland.
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