Farrier-W. changes approved

Press, 13 April 1984, Page 13

Farrier-W. changes approved

Farrier-Waimak, Ltd, yesterday became New Zealand Equities, Ltd, as shareholders approved changes to the company’s name, business, capital structure, and articles of association. However, it is to be a few weeks before the name, New Zealand Equities, replaces ‘Farrier-Waimak’ on the boards of the Stock Exchange. The name, FarrierWaimak, will not be lost in the Canterbury region. Farrier’s chairman, Mr H. W. Richardson, and his family interests, have bought the business and the assets of the company, which will be now known as FarrierWaimak (1984), Ltd, without any loss of jobs.

Shareholders approved the sale of the business to Farrier-Waimak (1984). Two Auckland businessmen, Mr A. L. Carpenter and Mr P. J. Francis, bought the Farrier shares owned by R. Richardson, Ltd, of Invercargill, and its associates, and hold about 75 per cent of the ordinary

capital. The sale of the assets will give New Zealand Equities cash of about $1.7 million for investment and the new company intends to become involved in equity investment and finance and banking investment services. The series of resolutions put to the meeting were approved without discussion or opposition. Among the resolutions approved were increasing the company’s authorised capital to SIOM, a change in the memorandum of association to reflect the alteration in the company’s business, and new articles of association. After the meeting, Mr A. L. Carpenter, one of the majority shareholders in New Zealand Equities, who is also chairman of McConnell Dowell, Ltd, said that it had not yet been decided whether the company would be based in Auckland. It would also be premature to reveal the areas New Zealand Equities would be investing in, he said.