Nelson interests buy Gollin N.Z.

Press, 15 October 1976, Page 16

Nelson interests buy Gollin N.Z.

PA Wellington The provisional liquidator of Gollin Holdings, Ltd, advises that subject to Government and ministerial approvals, the shareholding in Gollin (N.Z.), Ltd, has been sold to Moana Estates, Ltd, of Nelson, for an undisclosed sum. This was announced in a statement by the general manager of Gollin (N.Z.), (Mr K. H. Macdonald). The directors of Moana Estates, Ltd, announce that it is intended that the company will continue to trade as Gollin (N.Z.), although there will no longer be any connection with the former parent, Gollin Holdings. According to the files of the Nelson Companies Office, Moana Investments, Ltd, at September 24, 1976, had a capital of $lOO,OOO in 100 c shares.

Of that capital, 1000 shares were held by a Nelson sharebroker, chartered accountant and company director, Mr O. R. Gunn, of Cleveland Terrace. The holder of the other 99,000 shares is Cleveland Investments, Ltd. The directors of Moana Estates,-Ltd, are Mr Gunn, his wife, Mrs Shirley Elizabeth Gunn, and Mr Richard Siddells, a solicitor.

Cleveland Investments, Ltd, according to the annual

return of September 17, 1975, has a capital of $6OOO, in 3000 200 c shares. The shareholders are Mr Gunn with 2000 shares and Mrs Gunn with 1000 shares. The remaining assets of Gollin (N.Z.) included the agricultural and industrial chemical division, its Raelbrook shirt and apparel division and its textile and trading division. Contacted at a Wellington hotel on Wednesday night, Mr Gunn was not prepared to put a price on the deal. Asked what his company’s intentions were for the new acquisition, he said it was an “on-going situation” and that “I might chop it around a bit.” Mr Gunn stressed that he was not involved in an asset stripping situation. Asked whether it wasn’t unusual for a small, Nelsonbased family company to purchase a multi-million dollar trading concern, Mr Gunn said: “Fortune favours the brave.” He admitted he was not alone in the deal, and that finance for the deal had come ' from “associates”. However, he would not disclose the identity of his associates.

“I think that in a fortnight we will know a lot more about the situation,” he said. “At this stage we don’t want to say too much.”

The purchase of Gollin N.Z., will lead to the expansion of a Gollin textile subsidiary, Carlton Industries, Ltd, of Levin. This was announed late yesterday morning when Mr Gunn was in Levin.

He refused to speak to the press, however. After talks with the managing director of Carlton Industries (Mr D. N. D. Brown) a statement was issued saying Moana Estates, Ltd, intends to continue the operation of Gollin N.Z. with the same management, and staff but under the control of a New Zealr.-.d board of directors.

Adequate lines of credit and financial backing are available, and although the parent company Gollin N.Z. will continue to trade as such there is no longer any connection with their former parent, Gollin Holdings.

The statement, which was signed by Mr Brown, concluded: “As far as Carlton Industries is concerned the intention is to expand the operation.” Earlier reports indicated that Moana Estates have bought Gollin for a figure believed to be about S4.OM, but this price has not been confirmed. Carlton Industries has been consistently profitable, with increasing exports to Australia of its Raelbrook shirts and sportswear.