Exchange unhappy with Crowe reply
The Stock Exchange is not satisfied with the reply it has got from Crowe Corporation, the listed former goat farmer, based in Christchurch.
The exchange had queried Crowe last week after a newspaper report that the company was proposing to go into real estate, liquor, and financial services activities.
The exchange’s legal and surveillance officer, Mr Phillipe Leloir, said yesterday that Crowe’s
reply was confidential, but the Stock Exchange would be seeking further information on some points. “We will be raising a few things with them (Crowe),” he said. Crowe announced last Friday that there was a delay, in publishing its annual report, but the company still expects to issue one.
The company’s chief executive, Mr Malcolm McDonald, said yesterday
that the directors did not have access to all the company’s records and this had caused the delay. The company was also waiting for the National Bank to release it from receivership so that the company could begin its new business.
As soon as it was released from receivership a number of extraordinary meetings would be called to seek approval for changes, Mr McDonald said.
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Press, 17 January 1989, Page 25
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190Exchange unhappy with Crowe reply Press, 17 January 1989, Page 25
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