Craigpine

Press, 25 February 1989, Page 32

Craigpine

Winton-based Port Craig Timber Company announced its official trading name change to Craigpine Timber. Port Craig Timber will remain as a holding company. A division of Craigpine Timber, Port Craig Trading will cater for local trade sales. Craigpine’s general manager, Mr John Cowan, said the change had been made to achieve a greater cohesion of company/product identity. Farrow improves Farrow Corporation NZ, the New Zealand arm of Farrow Group, a leading Australian mortgage lender, has reported an audited pre-tax profit of $569,000 for the six months ended December 31. This figure compares with the $329,000 profit recorded in the first seven months of operation in New Zealand to June 30, 1988. Farrow, which commenced business in Auckland in November, 1987, has since opened offices in Hamilton and Christchurch.

AGC milestone

Assets of Westpac Banking Corp subsidiary Australian Guarantee Corporation (ACG) have reached sAustlo billion (3NZ13.8 billion), AGC announced. AGC group genera! manager, Australian finance group, Peter French, said AGC is Australia’s largest finance company, with assets up 70 per cent, from sAust6 billion (SNZB.3 billion) in 1984. The biggest area of growth was property finance, up 82% since 1986. FCL redemption A meeting of Fletcher Challenge shareholders in Wellington has passed an extraordinary resolution to discharge the Debenture Trust Deed and redeem all ordinary stock. Total votes represented were 4,751,807,859. Votes cast in favour of the resolution were 4,408,772,949, being 92.8 per cent of total votes. As a result the 1100 ordinary New Zealand stockholders will be repaid their investments for cash totalling about $55 million. Cheques will be mailed on February 27.