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

 


Sanford to buy Greenshell assets from receivers

Sanford agrees to buy assets of Greenshell NZ, Greenshell Investments from receivers

May 5 (BusinessDesk) – Sanford, the listed fishing company, agreed to buy the assets of Greenshell NZ Limited and Greenshell Investments from the receivers of the mussel farming and processing group.

No price was disclosed in a statement from Sanford. Chief executive Volker Kuntzsch said the assets “were a strategic fit for Sanford’s aquaculture business as they allow for improved supplies from a wider geography.”

Receivers Brendon Gibson and Grant Graham of KordaMentha were appointed last November by Rabobank after depressed prices for the shellfish over a number of years culminated in a “significant” operating loss in 2012.

Directors of the company had tried unsuccessfully to sell the assets and there were concerns about its ongoing viability and “various complex contractual arrangements,” according to the first receivers’ report. The mussel farms were kept operating pending the sale of assets. Liabilities had outstripped assets by $179,000as at Sept. 30 last year, the report said.

“Sanford will be working with the farmers and existing staff to ensure the growing and harvesting operations continue seamlessly,” Sanford’s Kuntzsch said. He expects the purchase to be completed this week.

The fishing company picked up another mussel business affected by Greenshell New Zealand’s troubles in 2012 when it teamed with Sealord to buy North Island Mussel Processors from receivers McGrathNicol. That business had been a joint venture between Sealord, Sanford and Greenshell New Zealand.

Shares of Sanford rose 0.7 percent to $4.29 and have declined 8.4 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news