TAKE-ONER OF MEAT P.

Press, Volume CV, Issue 30975, 3 February 1966, Page 16

TAKE-ONER OF MEAT P.

Litigation,

Investigation

New Zealand Refrigerating’s take-over of Meat Packers (N.Z.) is the subject of litigation and investigation, according to the full accounts of New Zealand Refrigerating released yesterday. Shares in subsidiary companies are shown at £283,975 and a note to the accounts says this takes in £224,670 in the subsidiary, Meat Packers. The value of the investment has been based on the stamp duty assessed value of 20s for each 10s convertible note, making £449,340, less assessed premium of 10s a note, £224,670, leaving £224,670. The note to the accounts says the value of the investment will be finally determined after the outcome of litigation. Other notes say that no New Zealand Refrigerating directors have received fees from any subsidiary companies, while trade debtors of £977,191 in the consolidated accounts takes in a £4294 advance to a former director of a subsidiary company. The £431,568 shown in the accounts as the excess of the nominal value of convertible notes issued over the net equity in the Meat Packers take-over is also explained in the notes. The debit balance in the consolidated profit and loss account of Meat Packers (N.Z.) at October 31, 1964, an estimated stock deficiency and the value of intangible assets amounted to £531,422. The stock deficiency was disclosed by an independent investigation initiated by the directors of New Zealand Refrigerating. From the £531,422 is deducted £99,854 —the difference between the nominal value of the shares and convertible notes acquired in Meat Packers, £324,524, and the convertible notes issued in exchange by New Zealand Refrigerating, £224,670.