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


Wool Services in play as receivers move on Hubbard vehicles

Two-thirds of Wool Services in play as receivers move on two more Hubbard vehicles

By Pattrick Smellie

Dec. 16 (BusinessDesk) – A 63.8% stake in NZAX-listed wool processor New Zealand Wool Services International Ltd. is formally up for grabs as receivers PricewaterhouseCoopers move to appoint receivers to two companies with links to failed lender South Canterbury Finance.

Plum Duff Ltd., registered in 2000 with SCF principal Allan Hubbard and his wife Jean as directors, is one of the two companies placed in receivership. The other, Woolpak Holdings Ltd., was registered in 2006 with Timaru businessman Ross Lund as its sole director.

The receiverships have no impact on WSI’s operations, other than to put a majority shareholding in play. WSI shares rose 4.9% to 45 cents in NZAX trading.

The likelihood of new majority owners was canvassed at WSI’s Dec. 7 annual meeting, where managing director Michael Dwyer noted SCF’s financial difficulties, and at which former SCF director Stuart Nattrass stepped down from the WSI board.

“At least six separate parties have expressed strong interest in acquiring the shares,” Dwyer told shareholders in the business, which produces scoured New Zealand wool for markets around the world. “While we’re watching developments with interest, the matter has no effect on the running or stability of WSI.”

Formal expressions of interest will be sought early in the New Year, PWC’s receiver, Maurice Noone, said.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>


Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Commerce Commission: Vodafone Found Guilty Of Misleading Conduct Over 'FibreX' Service

Vodafone NZ Limited has been found guilty of engaging in conduct that was liable to mislead consumers in relation to its FibreX branded broadband service. In a case brought by the Commerce Commission and heard last year, the Auckland District Court ... More>>

Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>

Tourism Industry Aotearoa: Trans-Tasman Bubble Benefits NZ

More people have entered New Zealand than have left since the opening of the trans-Tasman bubble, says Tourism Industry Aotearoa. Since the first flight from Australia to New Zealand took off from Sydney to Auckland on 19 April, the two-way Tasman travel ... More>>