Receiver for meatworks

Press, 1 September 1982, Page 24

Receiver for meatworks

PA Melbourne Financially-crippled meat processor and exporter Protean (Holdings). Ltd, would continue normal operations in an effort to trade its way toward profitbility. the directors said. Receivers and managers were yesterday appointed by the ANZ bank and the merchant bank. Citicorp Australia, Ltd, at the request of the Protean board. The Melbourne Stock Exchange suspended trading in Protean shares at the start of yesterday's afternoon session.

The directors said that the loss of the group’s new abattoir at suburban Brooklyn in a severe fire two months ago forced the group into receivership. The fire, which police say was deliberately lit. destroyed the complex and losses exceeded more than sAustl2 million. The company secretary. Mr Les Harrison, said that the Richmond and North Geelong abattoirs, and the Preston meatworks, would continue normal operations, and he expected no retrenchments. He said that the directors

had still not quantified the precise cost of the fire, or the over-all losses on trading operations. Mr Harrison said there had been delays and difficulties with the preparation of the company's insurance claim on Brooklyn but the directors expected the claim to be successful. In their statement to the Melbourne Stock Exchange, the directors said they believed that throughput at the company’s abattoir, casings, and rendering divisions would result in increased operational profits in the coming season.