Feltex makes $2.8M on deal

Press, 30 May 1981, Page 19

Feltex makes $2.8M on deal

Although Feltex New Zealand, Ltd. has missed out on its ambitions to build a wood processing empire embracing Henderson and Pollard, Ltd, it has pocketed a tidy $2,800,000 profit from its adventures on the Stock Market.

The company’s decision to sell its Henderson and Pollard shares to Carter Holt Holdings, Ltd, netted a capital gain of this amount, the company’s managing director (Mr Harold Titter) said yesterday. The company’s 1980 accounts reveal that this profit tops that made by some of Feltex’s divisions last year. Its rubber and tyre group, which markets the

Reidrubber Award tyres and rubber carpet underlay among other things netted $2,200,000 last year. The plastics and textile group netted $2,700,000 while finance and properly activities earned $1,500,000. Mr Titter said that the company currently had plenty of other prospects to get involved with.

“There are so many opportunities around that the situation doesn’t worry me greatly,” he said. However, Mr Titter was concerned at the grey areas in the Com panics Act exposed by this week’s activities.

"This is not sour grapes. The Fisher and Paykel market operation was well

organised and well executed. Fisher and Paykel worked on it and did a good job.”

He said that the Examiner of Commercial Practices represented a small office and was doing its best to exercise judgment. But from a practical point of view he was not able to handle all inquiries at once.

Where two or more applications concerned the same matter it was quite wrong that one could be given approval while the other was held up.

He said he did not dispute the need for the examiner's function, but ways to streamline its operation needed to be examined.