Home / Knowledge / News / Textiles / GPG sells entire stake in Tower Ltd for £60.7mn
GPG sells entire stake in Tower Ltd for £60.7mn
07
Oct '13
On 30 September 2013, GPG announced the sale of its entire shareholding (33.6%) in TOWER Limited for £60.7million (NZ$118.3 million).

TOWER Limited represented the last material investment for GPG (excluding Coats) and the imminent completion of this transaction will mark the end of the GPG investment portfolio realisation programme and fulfillment of a key tenet of the revised GPG strategic plan announced to shareholders on 11 February 2011.

On 1 January 2011, shortly before the announcement of the revised strategic plan, GPG had an investment portfolio (ex-Coats) with a market value of approximately £677 million (NZ$1,322 million at current exchange rates), consisting of some 55 investments in listed and unlisted businesses in jurisdictions including Australia, New Zealand and the United Kingdom.

It was never intended to embark on a fire sale of the investment portfolio, so considerable time was invested at the commencement of the realisation programme to formulate strategic exit paths and, where possible, do so in co-operation with GPG’s underlying investee companies.  Most of GPG’s investment portfolio - in value terms - consisted of significant shareholdings in illiquid companies.  The ensuing two and a half year divestment programme has involved a focused effort to realise value through a range of public and private market transactions.

The value realisation programme has been completed within the timetable set by the GPG Board, with total cash proceeds generated since 1 January 2011 of £698 million (NZ$1,363 million).

Following achievement of this milestone, the GPG Board remains focused on repositioning Coats – the world’s leading industrial thread and consumer textile crafts business – as a stand-alone listed entity.  The GPG Board also remains fully committed to overseeing the UK Pension Regulator’s current investigation into the GPG and Coats related pension schemes.  This process is likely to continue well into the 2014 calendar year and the GPG Board will keep shareholders informed of any material developments.

Coats


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Rikesh Mistry

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

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

October 2017

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
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

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
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

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
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

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
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


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