Smiths boss clarifies report

By Chris Hutching

Friday 17th September 2004

Smiths City was "outed" as the bidder for the assets of Wellington-based L V Martin & Son this week after speculation arose that directors of both companies were negotiating a price.

A report in Wellington's Dominion Post quoted Smiths chief executive as denying that recently listed Smiths was in the bidding. But there must have been some confusion because just last week the Smiths directors told shareholders at the annual meeting that they were on the acquisition trail going north.

Hellings clarified the situation with a statement to the Stock Exchange.

He admitted that Smiths was, "in association with another party, in advanced stages of negotiation to purchase the assets of L V Martin & Son."

The Ngauranga Gorge-based company has retail outlets in Lower Hutt, Paraparaumu and in Lambton Quay, is owned by the Martin Family Trust, and former chief executive Neil Martin is a director.

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