Pyne Gould, an Australia-based wealth management firm, has sold its last New Zealand asset Perpetual Trust to wealth management investor Andrew Barnes for $12.3 million.
The deal, which has received Overseas Investment Office approval last month, is made up of $6.24 million for 100% of the equity of Perpetual Trust, a $3.9 million debt take over and a transfer of property worth $2.2 million.
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As part of the deal, Pyne Gould will be paid a further consideration for certain corporate events that would allow it to receive 40% of any value which Barnes will build up from Perpetual Trust.
Additionally, Pyne Gould is relocating to Guernsey as it is planning for a listing on the London Stock Exchange.
Pyne Gould has issued a notice last year regarding its plans to be removed from the New Zealand register of companies as part of this process.
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