Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Richina Would Consider Colyer Mair Sale

Statement made by Alastair MacCormick, Chairman, Richina Pacific Limited
Richina Pacific is prepared to consider the sale of its 100% owned subsidiary, Colyer Mair Limited, to Lowe Corporation Limited.

The ruling today by the Commerce Commission that it has granted unconditional agreement to Lowe Corporation to proceed with the acquisition opens up the possibility of a sale.

However, Richina Pacific wishes to make it clear to shareholders and the market that while Lowe Corporation has indicated it is willing to make an offer there is no agreement in place between it and Lowe Corporation. Until an offer has been made and accepted, there is no sale in the offing.

Following Lowe Corporation’s expression of interest, Richina Pacific entered into a confidentiality agreement with them. Some limited information has been exchanged, but due diligence has not been undertaken.

If this develops into an offer which the directors of Richina Pacific believe is advantageous to all shareholders, shareholders and the market will be informed .Any conditions that may attach to the agreement will also be advised at that time.

Colyer Mair is our New Zealand based semi processor of leather. It is headquartered in Auckland and has processing facilities in Auckland, Napier, Wanganui, New Plymouth, Levin, Christchurch and Dunedin.

It processes some 20% of the skins and hides from the nation’s sheep and cattle kill, and exports semi processed leather throughout the world.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news