Aden fails to sell

Press, 5 April 1989, Page 36

Aden fails to sell

The receivers of Aden Corporation have failed to sell the listed Hokitikabased deer farming, timber, and trucking company as a going concern.

One of the receivers, Mr Tim Herrick, of Price Waterhouse, said last evening that the receivers were now looking at alternatives for the sale of the businesses making up the group. Aden was put into receivership last September along with Como Holdings, its parent company. In November, the receivers of both companies announced that they were seeking buyers for the companies in the West Coast investment group. One option now being considered was selling some of the deer to the farmers grazing them on behalf of Aden, and then selling the remainder of the herd as as a smallerscale operation. However, Mr Herrick said it was important to state that there was no intention of swamping the deer market. News that the receivers had failed to sell Aden as a going concern had made the deer market increasingly nervous, similar to when the Aden receivership was first announced last September. “There will not be a dumping of a large number of deer on the market, although sales will take place in the normal course of trading.” Aden had a deer herd of more than 12,000, he said. The sale of assets of the group would continue in an orderly manner, he said. The receivership of Aden would have been more difficult had it not been for the co-operative attitude of company staff and farmers. Aden has been the subject of a take-over bid by Como