Sharechat Logo

South Canterbury sells off Grocorp

By Chris Hutching

Friday 14th April 2000

Text too small?
South Canterbury Finance has tired of waiting for pipfruit deregulation and is quitting its involvement in listed Hawke's Bay apple grower Grocorp Pacific.

A substantial shareholder notice posted to the Stock Exchange during the week announced the sale of shares held by Hornchurch Ltd in Camrant Holdings, which in turn holds 86.64% in Grocorp. The sale was to Apples Aotearoa.

Grocorp chairman Grant Sinclair said the company was comfortable with the majority shareholders.

"The majority ownership of Camrant as far as the Grocorp directors are concerned is compatible. The directors of the company have no qualms or queries about the ownership." Mr Sinclair said he was unable to comment further.

Companies Office records show Timaru-based Ed Sullivan and Ross Lund of C Lund & Son are directors on all the companies except Hornchurch, which has NBR Rich List millionaire Humphry Rolleston as a director.

The deal appears to offer Mr Rolleston an exit from the investment.

Hornchurch is a wholly owned subsidiary of South Canterbury Finance, a company that has Mr Rolleston as a director along with Timaru millionaire Alan Hubbard.

The Hornchurch investment did not fit well with South Canterbury Finance's core business of lending money. The stake had been taken in mid-1999 in the expectation of pipfruit deregulation. But that had proved too slow and South Canterbury Finance asked to be bought out via Apples Aotearoa, a company associated with Messrs Sullivan and Lund.

"All will be revealed in the future I suppose but as it is there are people who are very positive about the future of the industry and have made a large investment in what is the second biggest orchard in New Zealand." Mr Lund said.

The consideration for the deal was $5.3 million, which values the 43,813235 shares at 1c on issued capital of $53 million, according to the information lodged with the Stock Exchange.

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.
Bookmark and Share   Printable version
Related News

MARKET CLOSE: NZ shares dragged lower by SkyCity; Orion, Air NZ rise
Comvita share placement lifts Chinese investor's stake to 9%
NZ dollar falls as ECB comments help lift greenback
Zespri's latest forecast holds profit steady; Gold returns dip
Seeka predicts increased annual profit in 2016, reduces fruit loss
Guy removes Fonterra raw milk access requirements for big exporters
Update: SkyCity boss warns Chinese crackdown on foreign gambling will hurt high-roller revenue
Fonterra farmer directors Malcolm Bailey, Ian Farrelly retire
NZ migration, tourism hits new highs in September, driven by record holidaymakers, migrants
Pumpkin Patch says equity value eroded after unsuccessful talks with bank, stakeholders

IRG See IRG research reports