Waitaki takeover
Sir,—Your editorial implies that Waitaki International does not have the financial strength to continue in the South Island. Mr P. L. Goodman stated at a recent shareholders meeting that the sale of the company’s North Island assets to AFFCo leaves Waitaki with a South Island operation capable of being selfsupporting; this operation would be a more attractive proposition to a competitor in the event of sale or takeover; if the company continued as a South Island operation, it had more profit potential than could have been conceived 12 months ago, he said, although this may not be. fully acceptable as a return on funds. Accordingly, it is grossly incorrect to state that the Waitaki “South Island killing facilities must be sold, or they will be closed down.” Regardless of the outcome of the commission’s deliberations, as a result of its 1988/89 trading performance the operational strength of Waitaki South Island should not be underestimated. — Yours, etc., BARNEY SUNDSTRUM, Managing Director,
Waitaki International Ltd. December 4, 1989.
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Press, 5 December 1989, Page 16
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168Waitaki takeover Press, 5 December 1989, Page 16
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