PacVent $35M venture

Press, 19 December 1986, Page 22

PacVent $35M venture

PA Wellington Plans to launch a $35 million joint venture project, Pacific Venture Capital, Ltd, to produce export products from West Coast beech forests await an early decision by Government on the tender of the resource, shareholders were told. The chairman, Mr Peter Shirtcliffe, told the annual meeting that the company, with its partner Cetec Engineering, Ltd, of Canada, had

completed its technical and marketing evaluations, and had also reached a level of understanding with the environmental lobby. However, it now waited for the Government to initiate the tender process, and hoped that the tender documents would be available in a few weeks, he said.

The company wanted to be able to move quickly if it was successful in the tender, and had “conceptualised” financing for its share of the joint

venture project which would ensure Pacific Venture was not overstretched.

It planned on using Cetec technology to produce high quality furniture products for Japan and other Asian markets.

“The Coast has been crying out for resource development for some time, and we believe our proposal is the answer,” he said. “However, we are . concerned that the tender process be advanced.”

The 18 shareholders present approved a change of name to Venture Pacific, Ltd. Mr Shirtcliffe said the decision had been taken to change the name quickly after the "new incarnation” of shareholding and directors. However, in reply to a comment that the company also changed its name last year (from New Zealand Venture Capital Corporation, Ltd), he said it did not intend making the name change an annual event.