Receivers for Aorangi Furs

Press, 30 August 1984, Page 26

Receivers for Aorangi Furs

rn L/uiicum The Development Finance Corporation has appointed receivers for the Port Chalmers fitch farming company, Aorangi Furs, Ltd, after the failure of a share float earlier this month. Mr M. N. Frost, one of the appointed receivers, said it was likely the farm will be offered for sale as a “going concern.” Aorangi Furs was launched in 1982 in a bid to capture part of the growing world market in Scottish fitch furs. The company budgeted to show a net profit of about $347,000 after the third year of operation. About 1280 Scottish

fitches were imported to the Hamilton Bay farm under the control of managing director, Dr Mike Godfrey. Dr Godfrey resigned last year saying he was not getting the full support of the company’s board. At that time the board chairman, Mr I. W. McMeeking, cited liquidity problems among the major reasons for the company’s difficulties. Earlier this year an auction of breeding fitch resulted in the sale of only a small number of the 3200 animals offered, and at prices considered to be about pelt value - $25 to $35. Mr McMeeking was out of town last night, and could not be contacted for comment.