PGG gets nod on Apple Fields
The Commerce Commission yesterday approved a proposal by a private Christchurch company specialising in rural investment, Pyne Gould Corp, to acquire up to 35 per cent of local orchardist and dairy farmer Apple Fields.
The orchardist announced earlier this month plans to cut long term debt by placing a 27 per cent slice of capital with Pyne Gould, 4.28 million shares at 175 c a share. Another 571,000 shares are to be taken up by interests associate with Apple Fields’ executive directors at the same price.
Apple Fields plans for $4 million of the money raised in the issue to pay off debt, while the rest is to be used to expand produce storage and packing. Company executive director, Mr Tom Kain, said the capital restructuring would leave Apple Fields with $28.8 million debt at the end of next month, compared with shareholders’ funds of $30.5 million.
The company listed on the Stock Exchange two years ago and since then has spent $l5 million buying into the dairy industry. It now plans a $3.5 million produce packaging plant in a Christchurch suburb.
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Press, 29 August 1989, Page 25
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188PGG gets nod on Apple Fields Press, 29 August 1989, Page 25
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