Brierley back in action after mini-raid

The renowned 1980s corporate raider recently stepped down as chairman of Guinness Peat Group. He took his first tentative steps yesterday in planning for life after GPG is wound up.

In a handwritten, substantial-shareholder's notice, Sir Ron, 74, told the market that he had emerged with more than 5 per cent of the listed investment shell India Equities Fund via a private company, Siblow.

He outlaid nearly $294,000 for a 5 per cent stake. It is understood Sir Ron is looking for a listed vehicle for future endeavours. The notice suggests he bought the stake at an average price of 4.7? per share, below net tangible assets of 6? per share.

"It's a strong endorsement of the board's strategy," Geoff Wilson, of Wilson Asset Management, said. His group is India Equities' major shareholder with 20 per cent. Mr Wilson rolled the incumbent board last year, installing his own directors.

It is understood Sir Ron is in London and will meet WAM on his return. Mr Wilson is understood to be open to the idea of installing Sir Ron as a director.

Last year, India shareholders rejected a proposed 5.75?-a-share capital return and winding up by the company, which was opposed by Mr Wilson. The capital return would have removed the ability for the company to take advantage of its key asset, its tax losses.