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

 

Veritas Directors Action on Nosh Sale Warrant Investigation


Bishop Warden: Actions of Veritas Directors During Nosh Sale Warrant Investigation

Commercial debt buying company Bishop Warden Limited has today submitted formal complaints to the Registries Integrity & Enforcement Unit of the Companies Office and the New Zealand Stock Exchange over the actions of Veritas directors during the Nosh sale process.

“After seeking indications of support from creditors, we decided to make a formal complaint to the Companies Office and the NZ Stock Exchange asking for the actions of Veritas directors to be investigated fully,” said Bishop Warden Communications Director Kirk MacGibbon.

Bishop Warden had hoped to be able to put a number of questions to directors at the meeting held for creditors of Old NGL Limited (in liquidation) on 4 October.

“It was disappointing that none of the Veritas directors felt it necessary to front up to their erstwhile creditors, instead leaving it up to the liquidators to read a prepared statement that provided no consolation at all,” said Kirk MacGibbon.

“We then put a series of questions to the liquidator, seeking more information about the sale process, but they were unable to provide answers.

“We have still not received any communication from Shephard Dunphy – and no answers to our questions – despite being appointed to the liquidation committee nearly two weeks ago.

“The creditors – around 150 of them – are in many cases smaller, family-owned businesses that supplied Nosh with the ability to keep its stores trading.
At the time of purchase, Veritas’ Chairman referred to Nosh’s “impressive revenues”, and “considerable potential for growth and innovation” and his confidence that “we can add substantial value to the business.”

“Bishop Warden believes that Veritas should pay the creditors. The debts were incurred under their watch, therefore they should pay up.”

Veritas listed on the NZX through a backdoor listing. The company raised $25m through a public share offer priced at $1.30. As at 13 October the shares were trading at $0.08c.

“That is a tremendous destruction of shareholder wealth in a very short space of time,” said Kirk MacGibbon.

© 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: