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

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: