Leyland Capital confident

Press, 18 December 1985, Page 39

Leyland Capital confident

Leyland Capital, Ltd, is considering a strong flow of opportunities for investment through its investment manager, NZI Investment Services, Ltd, said the Leyland Capital chairman, Mr John Strevens, yesterday. Addressing the company’s first annual meeting, in Auckland, Mr Strevens said shareholders could be confident of the manager’s commitment and ability to provide returns on the funds invested. In its first two months of trading to balance date Leyland Capital posted a maiden tax-paid trading profit of $134,224. As reported, preliminary expenses of $242,281 were written off to take the bottom line to an audited loss of $108,057.

Before balance date Leyland Capital had acquired an 18.39 per cent shareholding in a listed horticulture venture, Grocorp Pacific, Ltd, and a 40 per cent interest in Lincoln Research Corp, Ltd, the developers of the co-driver motorist aid.

Since then Leyland Capital had taken up 14.2 per cent of Allflex Holdings Ltd, and had approached Irvin and Stem Holdings, Ltd, witfcthe intention of taking

20 per cent in that company. Mr Strevens said Aliflex was a major New Zealand exporter with a sophisticated international presence arid considerable potential. “We are pleased to report a significant weakening of the New Zealand dollar since this investment.” Irvin and Stem was a well-managed retailer with an excellent future both in New Zealand and overseas. Mr Strevens said the directors of Leyland Capital were confident of a strong result in the coming year when the company expected to pay its maiden dividend.