Sharechat Logo

Apple Fields clinches big deal

By Chris Hutching

Friday 24th November 2000

Text too small?
TOM KAIN: Firm had reduced debt by $75 million
Apple Fields will settle the sale of its last substantial block of land secured to the Rural Super Bond Superannuation Scheme on December 18 - two days after a court hearing to defend a statutory demand.

The Noble Block at Yaldhurst is being sold for $3.6 million into a joint venture with an unidentified party for future rezoning and development.

Once the Noble deal is done Apple Fields would be left with about $1 million after satisfying its super bond scheme, Apple Fields managing director Tom Kain said.

The statutory demand facing Apple Fields relates to a claim for costs in the long-running court battle with developer Robin Hughes and his partner, Ken Smith, in which Apple Fields is seeking a return of the Styx block north of Christchurch or damages of around $10 million.

Apple Fields is contesting the right of Messrs Hughes and Smith to make the statutory demand for $200,000 in costs with the result of the October Appeal Court hearing yet to be handed down.

The developers are banking on winning the case and the subdivision is going ahead with several houses now built.

The court battle saw Apple Fields' shares fall to 2.6c before recovering this week to 4c.

Mr Kain said that since November 1996 Apple Fields had reduced its debt by nearly $75 million to virtually nothing once the final settlement on Noble Park was completed.

The company would continue with its property development rezoning efforts over several of the properties that were in joint ventures.

The company also has tax losses available of about $50 million. One other industrial property remains for sale: the Westside Business Park developed by Apple Fields.

  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:

Fonterra to go coal-free 11 years ahead of schedule
Huawei committed to NZ even if govt doesn’t come around on spy fears
Mercury points to peaking gains as FY production drops 10%
Asset Plus sells Heinz Watties distribution centre for $29.1 mln
18th July 2019 Morning Report
COMMENT: RBNZ's key political omission in its bank capital proposals
ANZ and Westpac credit rating outlooks downgraded to 'negative' outlook: Fitch
MARKET CLOSE: NZ shares edge higher in quiet trading; weaker currency buoys exporters
NZ dollar stalled amid uncertainty about US rate cuts
RBNZ a 'poor communicator' - CBL's Harris

IRG See IRG research reports