Wingate Group has today sold out of its holding in Everest Financial Group. 

Wingate’s return on its investment exceeded 30% having paid only 4 cents per share for its initial shareholding.

The strategic 19.9 percent interest in Everest was bought in the midst of the global financial crisis in 2008 from a subsidiary of Babcock & Brown.

Wingate becomes one of the few major shareholders in Everest to have realised a profit on its investment in the company. Mr Farrel Meltzer of Wingate Group said that Wingate originally 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.”

Prior to selling its Everest shareholding Wingate had been active in seeking to develop a workable business strategy for Everest and address transparency and corporate governance issues in the company, including replacing the board.