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GPG Group and Coats plc

Download Full Year Results Presentation PDF - Coats plc

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Remaining investment portfolioTOWER• Tower has confirmed it has obtained High Court orders in relation to itsproposed return of approximately NZ$120m of capital to shareholders• <strong>GPG</strong>’s share of that return is NZ$40m – vote to approve the proposedscheme is due to be held on 21 March 2013• Tower’s stated ambition to become a more focused insurance businesshas <strong>GPG</strong>’s full support• Another step towards achieving this strategy occurred on 26 February2013, wherein Tower announced the conditional sale of its investmentsbusiness for NZ$79mRIDLEY• Ridley is expected to complete the sale of its Salt division at the end ofFebruary 2013• <strong>GPG</strong> believes this transaction will more effectively position thecompany as a focused agri-business within the Australian marketINVESTMENT PORTFOLIO (22 February 2013)Investments (excluding <strong>Coats</strong>)Listed Investments *ShareholdingMarketValue£mTower Limited 33.6% 93Ridley Corporation Limited 22.1% 49CIC Australia Limited 72.8% 37PrimeAg Australia Limited 11.6% 25T<strong>and</strong>ou Limited ** 28.4% 9Non-listed Investments ** 3Total 216*Listed investments at market value translated at exchange rate ruling on 22 February 2013**T<strong>and</strong>ou <strong>and</strong> the non-listed investments are valued at book value.PRIMEAG• PrimeAg has agreed to sell approximately 60% of its portfolio of l<strong>and</strong><strong>and</strong> water entitlements for some A$125m in cash• Additionally, <strong>and</strong> separate from the recent sale, the PrimeAg board hasresolved to distribute available excess cash (market expectation is thatthis may be in the order of A$125m)TANDOU• <strong>GPG</strong> has agreed to sell its entire shareholding in T<strong>and</strong>ou– proceeds are expected to be A$15m© <strong>GPG</strong> <strong>Group</strong> <strong>and</strong> <strong>Coats</strong> <strong>plc</strong> | Financial results for year ending 31 December 2012 Page 37

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