Devco debt of $33M
PA Wellington Devco will ask its shareholders for more money to help it though its present financial plight with debts of $33 million. The company, also
known as the New Zealand Lamb Company (North America), Ltd, owes freezing companies $l3 million and it is negotiating with the Meat Board over a $2O million debt. Devco’s chairman, Mr Ron Cushen, said after an emergency meeting yesterday that shareholders would meet on June_lB. He repeated assurances
that the company, which controls New Zealand’s lamb sales to North America, was trading profitably. Sources told the “Dominion” newspaper that the company would ask shareholders to increase its capital base of $5 million to enable it to secure a credit line of $B5 million.
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Press, 13 June 1986, Page 1
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123Devco debt of $33M Press, 13 June 1986, Page 1
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