Home / Knowledge / News / Textiles / Guinness Peat to change name to Coats
Guinness Peat to change name to Coats
29
Oct '12
Guinness Peat Group plc (GPG) announces update on value realisation programme and proposed structure On 11 February 2011, the GPG Board outlined a revised strategy for the GPG Group that focused on the following key principles:

- GPG to undertake an orderly value realisation of its investment portfolio
- GPG’s investment portfolio potentially reduced to the point where an investment in GPG becomes a -pure exposure to Coats
- Cash proceeds from the orderly realisation of investments to be used to pursue capital management initiatives. Decisions as to the quantum and timing of capital returns to shareholders would have regard to the GPG group’s actual and contingent liabilities
 
Since this announcement, in addition to progressing these initiatives, the GPG Board and management have focused on reducing overhead costs and complexity within the GPG corporate structure and on supporting Coats’ management in its growth and business development initiatives and good progress has been made in relation to each of these items:
 
- GPG recently announced the sale of its investment in ClearView Wealth Limited for A$124.3m (£80.7m) (including dividends) and can confirm that it has now realised in excess of 50% (by volume and value) of the investment portfolio it owned on 1 January 2011. A number of work streams and processes are ongoing in relation to the remaining portfolio investments and some of these are in advanced stages and are expected to complete in the current year
- A capital return of £80m in cash was made in July 2011 and in October 2011 a £12m cash dividend was paid together with the issue of £6m of shares pursuant to a scrip dividend alternative
- GPG capital notes with a principal value of NZ$77m (£39m) were purchased and cancelled on 15 March 2012. On 24 September 2012 GPG announced its intention to exercise its option to purchase the remaining capital notes with an election date of 15 November 2012 and a principal value of NZ$350m (£178m)
- A wind-down plan is being progressively implemented for GPG’s corporate functions and staff numbers and overhead costs have been reduced
 
While completing the above work streams will continue to receive strong focus from the GPG Board and management, the GPG Board has now reviewed options to maximise shareholder value from GPG’s investment in the Coats business. It has determined that this will be achieved by renaming GPG as Coats plc (“New Coats”) at the point when GPG shareholders’ investment is predominantly represented by the Coats business.
 
The combined GPG and Coats management teams, together with advisers as required, are working through a detailed timetable and transition plan. The transition is intended to be complete in the second half of 2013.


Must ReadView All

Union Minister for finance Arun Jaitley chairing the 25th GST Council meeting, flanked by minister of state for finance Shiv Pratap Shukla (right) and finance secretary Dr Hasmukh Adhia. Courtesy: PIB

Textiles | On 20th Jan 2018

GST rate on velvet fabric reduced to 5%

The 25th Goods and Services Tax (GST) Council meeting, held under the ...

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

Textiles | On 20th Jan 2018

RIL petrochemicals’ revenue grows 47.6% in Q3 FY18

The revenue from the petrochemicals segment at Reliance Industries...

Courtesy: Cotton USA

Textiles | On 20th Jan 2018

US cotton bodies pledge to support CCI activities

Ten US cotton organisations have pledged industry contributions in...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

January 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search