Van Eyk Three Pillars appoints PwC as financial adviser
Van Eyk Three Pillars has appointed PricewaterhouseCoopers (PwC) as financial adviser as part of a wider strategic review.
PwC is looking at a substantial share buyback, capital returns and a potential winding-up of the company. The strategic review has also involved changes to the board, which recently included the appointment of Stuart Nisbett as independent chairman and John Vatovec as non-executive independent director, who join directors Chris Brown, Alan Dixon, Chris Duffield and Alex MacLachlan.
“PwC, in conjunction with Gilbert & Tobin, will report to the board on a range of capital management initiatives that are available to the company,” Nisbett said. “It will then be up to the directors to present the plan or plans to shareholders they believe will deliver the greatest value to all shareholders.”
Van Eyk Three Pillars is engaging in a 25 per cent on-market buyback and as at November 5, 2009, about 8.9 million shares have been bought back, with a further 22.9 million shares available for purchase.
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