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Elders NZ Ltd. (& Others) Seeks Injunction In H.C.

Elders action

Media Release
27 February 2004

Elders New Zealand Limited (and others) Seek Interim Injunction Against Hanover Financial Services Limited and Elders Finance Limited

Elders New Zealand Limited and Elders Ltd of Australia have applied to the High Court in Auckland for an interim injunction seeking to restrain Hanover Financial Services Limited and other companies associated with Hanover Group from continuing to use the name “Elders” in New Zealand. Elders New Zealand Limited and Elders Australia argue that the Hanover Group no longer has the right to use the name “Elders” because their agreement to do so has ended.

Stuart Chapman, Managing Director of Elders New Zealand Limited said:
“We are seeking to restrain Hanover Group from continuing to use the name Elders in relation to their finance business, or any other business. Elders Australia is the owner of the name ‘Elders’ and 12 years ago granted Elders New Zealand Limited and the other New Zealand plaintiffs sole rights to use the Elders name in New Zealand."

The plaintiffs are represented by Robert Fardell QC, and the interim injunction is expected to be heard within a month.

The Elders New Zealand Group currently offers a wide range of services including:
- livestock broking
- rural merchandising
- rural and urban property interests
- finance and credit card facilities
- primary healthcare
- resthomes

Elders New Zealand Limited Group is a privately owned group under the directorship of Eric Spencer, Stuart Chapman and Ian Wills – all of whom have a long history in the rural, commercial and financial sectors.

More than four years ago, Elders Finance (the previous financial entity owned by the Elders Group) was sold to the antecedents of the Hanover Group, with a limited period agreement for the use of the Elders name, which has expired.

Ends

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