Guinness Peat Group
(ASX:GPG) is planning to return at least $120 million to shareholders this year through a sell down of its assets.
The investment company says it will pursue a strategy to realise value through an orderly value realisation of its portfolio, following a recommendation from a sub-committee of non-executive directors.
The capital returns are still subject to approvals, and the size and timing of the return to shareholders will depend on when value is realised from the company's investments.
Guinness Peat Group says it is in a strong financial position with shareholders' funds of over $1.5 billion and more than $273 million in cash as at 30 September 2010.
In the year to 30 June, Guinness Peat Group generated a net profit of $21.2 million.
