Support saves Waikato Stud
PA Hamilton Waikato Stud is back in action after a successful rescue on Thursday in which receivers handed the publicly listed company back to a new board of directors. A brief statement said the company had been able to trade out of trouble thanks to the support of those involved in the thoroughbred industry. The stud, placed in receivership last December, was caught up in a dispute between its main shareholder, and its banker and complications from the sharemarket crash. Arrangements to repay the Bank of New Zealand and all secured creditors through Elderbank in-
eluded pledges that unsecured creditors would be paid in full, although no further details were given. Receivers Paul Preston and John Waller of Price Waterhouse, said that former chairman Gary Needham and former managing director Timothy McHendry had resigned from the board. They have been replaced by Elders Finance Group associate director Allan Snape, Melbourne lawyer Tony Hodgson, Institute of Directors chairman Gordon Gilmour, and Auckland lawyer Chris Darlow. Acting chairman Allan Snape refused to give details of the financial position of the company or its debt-repayment deal.
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Press, 29 July 1989, Page 29
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187Support saves Waikato Stud Press, 29 July 1989, Page 29
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