Kerr and Barnes battle it out over sale of Perpetual Trust

George Kerr's Pyne Gould Corporation says it is suing Bath Street Capital and its owner Andrew Barnes for at least $22 million, plus interest, over the sale of Perpetual Trust.

PGC says it has started High Court proceedings as it has not been paid. “The amount claimed represents unpaid consideration in respect of carry rights pursuant to the share sale agreement as subsequently varied.”

Bath Street Capital (BSC) confirms that it is aware of PGC’s announcement, but has not yet received a statement of claim for an amount of $22 million (plus interest and costs) that PGC alleges it is owed under a termination of agreements and carry agreement entered into with BSC on 4 April 2014.

“In the event that we receive a statement of claim from PGC, we will absolutely refute it," BSC says in a statement. "The carry agreement between the parties was for a carry payment to be paid to PGC by BSC if shares in a subsidiary company (“NewCo”) were listed on the Main Board operated by NZX Limited.