Shareholders of the family-owned Gough Group (recently renamed Amyes Road Limited) have received $78 million so far from the sale of the company’s heavy machinery business.
The company was placed into liquidation soon after the sale of the Gough Group business to Malaysian-owned Sime Darby for NZ$211 million in August 2019.
Upon filing for liquidation on October 9, 2019, the company directors filed a resolution that it would be able to pay its debts.
Malcolm Hollis and Wendy Somerville from PwC were appointed as liquidators.
“We have been advised that the Company is solvent and the liquidation is the result of the restructuring of the affairs of the shareholders,” the first liquidators’ report said.
The liquidators’ latest six-monthly report was filed in December last year and reveals that two distributions to the shareholders totalling $78m have been made so far.
“We continue to work with the Company’s officers to finalise the affairs of the Company and intend to make a further distribution to shareholders late this year,” it says.
“Outstanding matters include finalising matters after the sale of the Company’s property at Amyes Road, which has now gone unconditional and is due to settle on 30 November, and finalisation of outstanding matters relating to the sale of the Company’s business in 2019.
“At this time we are unable to provide an estimated end date for the liquidation,” the liquidators say.
The report shows the company had $80.85m net funds on hand following the sale of the business.
Total receipts of $82.69m included rent receipts and recoveries, GST refunds, interest received and other general items. Of that $78m had been distributed to shareholders.
Christchurch property developer Ben Gough and his sister Gina Satterthwaite own just over half of the company’s shares.
Other family members Antony, Harcourt and Tracy Gough and sister Avenal McKinnon own more than 40% of the company.
The family have been split over the years with reports of a long-running power struggle over ownership of the business.
