Gear looks at investments

Press, 2 December 1981, Page 28

Gear looks at investments

PA Wellington After selling most of its retail shops and wholesale premises the Gear Meat Company. Ltd, would be looking at new investment possibilities which could be revealed to shareholders at the annual meeting on December 17, said the chairman, Mr John Pottinger, in the annual report. "Since balance date the company has been investigating the possibility of sharing the management of Wellington Commodities which is the rendering plant which services the Wellington city abattoir and the retail shops formerly owned by the company. “Management has also negotiated the sale of three farms in Mastertom at prices in excess of book values. “All the retail shops and

wholesale premises in the Wellington area were sold to R. and W. Hellaby, Ltd at a satisfactory price. “The Palmerston North premises were also sold. Now the company only owns three retail shops in Gisborne which are trading profitably," Mr, Pottinger said. “Management negotiated a transfer of the Dannevirke abattoir facility together with its by-products operation to Foodstuffs (Wellington) Co-operative Society, Ltd. and the status of Gear Meat has changed with management in the hands of Brierley Investments, Ltd." The result of nine months trading coupled with the selling of most of the company's operations resulted in an increase in the asset backing of the ordinary shares to 44.9 c a share, he said.