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.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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.

Related News:

Outlook for NZ economy softens but wages projected to rise more, NZIER Consensus shows
Parker's criticism of ANZ confidence survey based on comments Bagrie made at Xero function
New Zealand’s services industry growth quickens in May as new orders jump
Millionaire Chow brothers move ahead with plans to delist Chow Group
June 18th Morning Report
Bunnings NZ owes employees $11 million for incorrect holiday payments
NZ dollar falls as tit-for-tat tariffs from US, China unsettle markets, weigh on commodities
MARKET CLOSE: NZX 50 inches lower as Freightways, Ryman drop; A2 back in favour
NZ dollar heading for 1.1% weekly decline as greenback strengthens
ANZ rejects David Parker's criticism of 'junk' business confidence survey

IRG See IRG research reports