Waikato suspended

Press, 17 December 1988, Page 30

Waikato suspended

NZPA-AAP Sydney Thoroughbred horse breeder Waikato Stud has been suspended from trading at its own request because of what the directors describe as "intolerable and damaging” interference in the company’s management. Waikato’s chairman, Mr Gary Needham said in a statement that a dispute between its main shareholder, Waikarring Studs Pty, and its principal financier, Elders Finance Group, had led to attempts to usurp the management function of Waikato. He said the company’s solicitors were instructed to issue proceedings in the High Court iof New Zealand against Elders Finance and various associated companies and individuals. An Elders Finance director, Mr Patrick Moore, said he was not aware of a New Zealand law suit, but said Waikarring filed a writ against Elders Finance in the Victorian Supreme Court. Mr Moore said he was surprised at the alleged management interference in Waikato, because Elders Finance had no members on the board and only had a dispute with Waikarring. Waikato Stud reported a $3,622,000 loss for the year to July 31. The company had been pressed by the New Zealand Stock Exchange to present a statement for the year. The unaudited loss was a slight improvement on a loss of $3,639,000 in the year to July 31, 1987. There was no tax provision in either year. Waikato Stud had a turnover of $6,267,000, well above the previous year’s $3,699,000 turnover.