Waikato to receivers
PA Wellington The Stock Exchange is to investigate why Waikato Stud directors did not inform the exchange of their company’s receivership. The receivership was revealed yesterday by Auckland accountants, Price Waterhouse. Two of the accountants’ partners, Paul Preston and John Waller, were appointed receivers by the Bank of
New Zealand on Christmas Eve. The BNZ is understood to be Waikato’s major creditor. Mr Preston said yesterday that the two remaining directors of Waikato, chairman Gary Needham and Tim McHenry, were understood to be contacting the exchange on Friday. “The receivership didn’t happen till late on Friday
evening but we were expecting the directors to communicate with the exchange. When we realised today that they had not, we informed the market ourselves.”
Mr Preston said it would be a considerable time before a statement of Waikato’s affairs was prepared. He could not reveal the size of a debenture which the BNZ held over the company.
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Press, 30 December 1988, Page 14
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157Waikato to receivers Press, 30 December 1988, Page 14
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