Pyne Gould Corp Ltd has its root in a company founded in 1851 and has been part of New Zealand's fabric for centuries. In Feb 2011 it lost 14 staff members in the tragic earthquake that hit Christchurch. This was an ominous sign of things to come.  In Oct 2011 a bid was made for PGC by an existing director, Mr George Kerr, at 45% of book value and the Board said virtually nothing about it. Unfortunately this event is preceded by several years of apparent mismanagement and a steady erosion of shareholder wealth. 
We believe the main reason for it is the composition of the PGC board. Mr George Kerr holds shares in PGC and Heartland Bank, has private real estate investments and run several investment funds within PGC. There is not suffecient transparency in his dealings. The prospectus of 29 April 2011 announced that Mr Bruce Irvine was retiring as a director. However, he is still a director today. He is supposed to be an independent director, but is Chairman of Heartland Bank. The current PGC chairman, Mr Bryan Mogridge, is supposed to be independent, but he is also a director of Heartland Bank. The fourth director Mr John Duncan is also the company's CEO. 
We therefore call for a reconstitution of the Board. 
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