By Chris Hutching
Friday 14th April 2000
|Text too small?|
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.
No comments yet
Pyne Gould, Bath Street agree to drop High Court claims over Perpetual Trust sale
Auckland property investor lending tumbles 18% in August as restrictions bite
Milford fund manager faces 10 causes of action in first market manipulation case to go to trial
Energy Mad warns sales may drop as Australian carbon credits get cheaper
European milk output falls for first time in more than a year, Fonterra says
NZ monthly trade deficit widest in 2 years as dairy, meat exports slump
Milford's Warminger under pressure over poor fund performance at time of alleged breaches
NZ employment confidence rises in September, wage expectations still low
Reckitt Benckiser to plead guilty to misleading ads over Nurofen claims
IkeGPS completes $3M capital raise, largely through sub-underwriters