WAIROA MEAT WORKS

New Zealand Herald, Volume LXIX, Issue 21319, 21 October 1932, Page 12

WAIROA MEAT WORKS

PROPOSAL FOR PURCHASE CONDITIONAL ACCEPTANCE COMBINED COMPANIES' OFFER [BY XKLEGRA I'll —OWN correspondent] GISBORNE, Thursday Shareholders of the Wairoa Farmers' Meat Company. Limited, will have an early opportunity of considering and discussing a proposal for the sale of the present assets of the company. This new development was announced in the following statement, by tho chairman of directors, Mr. A. G. Nolan:— "At. a meeting of directors of tho company tho question of reconstruction of tho works Mas considered. It was decided that everything being favourablo it would now l>c impossible to have tho factory operating this season. Tenders received were above tho estimate for tho work and ways and means were discussed as to tho necessary further finance required to rebuild. "An offer w is received from tho combined freezing companies in Ilawke's Bay and Gisborno to purchase all tho assets of tho company, including land and buildings. Taking into consideration the reduction of freezing charges as advertised in Ilawke's Bay and tho rebate paid to all killers of stock; also tho proposed reductions in Poverty Bay, together with the present financial position of this company, tho directors decided to accept tho offer mado by the combined freezing companies subject to tho confirmation of tho shareholders. "Notice of motion will bo duly given at. the annual meeting to bo held 011 November 5 and shareholders will consider tho question at an extraordinary general meeting to be held about three weeks later. Tho directors consider that tho shareholders are the people who should decide what action should bo taken and so have referred tho mattor to them as already stated."Tho offer has been made jointly by Nelsons (New Zealand), Limited, owners of the Tomoana freezing works, near Hastings; tho Hawke's Bay Farmers' Meat Company, Limited, owners of the Whakatano works, also near Hastings, and the Gisborne Refrigerating Company, which with Nelsons (New Zealand), Limited, owns tho Gisborne freezing works. Tho purpose _is to form a subsidiary company of the three companies mentioned, to reconstruct and operate the Wairoa works. The Wairoa freezing wo»ks were extensively damaged by fire following tho eaithquake in February, 1931.