Board appointment rekindles interest in Apple Fields

By Chris Hutching

Friday 21st March 2003

Apple Fields' appointment of a new director has prompted market speculation about future direction of the penny-dreadful shell company, although the share price held steady this week at 3.5c a share.

The new director is Christchurch businessman Mark Schroeder, who operates a software company providing software packages to medium-sized companies and is also involved in an international sports publishing startup.

Mr Schroeder replaces John Upton who joined the board last year as a replacement for Terry Loveday, a representative of SABC, a minerals company Apple Fields was working on a deal with at the time.

Another recent board appointee is Justin Prain who replaced Gordon Stewart, a replacement for real estate agent Roger Bridge who lasted five months with the company during 1999. Mr Prain is development director at Clearwater Resort, owned by Howard Paterson and John Darby, who also use his expertise in other property matters.

Mr Schroeder and Mr Prain, friends of major shareholder Tom Kain, join longstanding director and lawyer Geoffrey Cone.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond

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