CFM latest target in share scramble

Press, 26 July 1983, Page 22

CFM latest target in share scramble

Last week’s activity in the meat sector of the New Zealand sharemarket was spurred yesterday as Canterbury Frozen Meat Com-' pany, Ltd, became a new target as two mystery buyers were standing in the market for substantial parcels.

At the opening of trading yesterday Jarden and Company, Wellington sharebrokers, announced that they had an order to buy 825,000 shares in CFM at 350 c each and 195,000 preference shares at 300 c each. This offer was soon topped by the announcement of another Wellington broking firm, Frank Renouf and Company, that it was instructed to purchase up to 500,000 ordinary CFM shares at 360 c each. These moves attracted other buyers, and CFM

shares closed at 370 c. Not many CFM shares changed hands — the largest parcel, 22,100 shares, was crossed at 365 c, and 160,000 preference shares were sola as a special sale at 310 c each.

Meanwhile the activity in Southland Frozen Meat shares calmed a little, after the directors of Waitaki New Zealand Refrigerating announced that they had withdrawn from further negotiations with SFM.

On market SFM shares fell 50c to 350 c on the largest parcel traded, although a special sale of 230,000 shares went through at 400 c. Waitaki shares fell 10c to 330 c, again on the largest parcel. The two parties interested in CFM were not identified by last night, but it is thought that their aim is

investment rather than take-over.

The chief executive of the Primary Producers’ Cooperative Society, which holds just on 50 per cent of CFM’s capital, said yesterday that it was not acting in the market for CFM shares either as a buyer or a seller.