The shareholders in the Canterbury company now hold shares in BSH and in PGC and PGC no longer holds a 72.2 per cent stake in BSH. It marks the end of a two-year journey which started with the rescue plan for PGC's subsidiary Marac Finance in mid 2009 and has lead to a merger of Marac with two building societies at the beginning of this year to form BSH.
BSH whose shares closed on Friday at 79c has a market capitalisation of $237 million, and PGC whose shares on Friday at 33.9c has a market cap of $73.44m. Heartland chairman Bruce Irvine said the distribution of the shares marked a new step forward for both companies.
PGC chairman Bryan Mogridge said along with building and expanding its products and services, it would continue to be supportive of the activities of Heartland.
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