Wingate sells stake in Everest

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Wingate Group has today sold out of its holding in Everest Financial Group, at a 30 percent profit.

Wingate Group has today sold out of its holding in Everest Financial Group, at a 30 percent profit.

Wingate originally bought a 19.9 percent interest in Everest in 2008.

Mr Farrel Meltzer of Wingate Group said that Wingate had a long-term aim of working with the management and board to grow Everest to the benefit of all investors.

“Unfortunately it quickly became apparent that this approach was not practicable.

“Wingate has been very active in seeking to develop a workable business strategy for Everest and address transparency and corporate governance issues in that company, including replacing the board.

“During the last week, we received a capital return and were then approached with an offer to buy our full holding in Everest which we have accepted.

“We believe that this is a better outcome than waiting through the wind-up process currently underway at Everest,” Mr Meltzer said.

Wingate Group is a private investment and advisory firm focused on advisory and principal investment, property and listed investments. It was founded in 2003 and is based in Melbourne.

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For more information please contact:
Farrel Meltzer – 03 9913 0700

16 March 2011