Company Cautious On Legal Moves

Press, Volume CV, Issue 31004, 9 March 1966, Page 17

Company Cautious On Legal Moves

Events leading up to the take-over by New Zealand Refrigerating Company of Meat Packers (N.Z.) were briefly outlined by the chairman of New Zealand Refrigerating (Mr C. S. Peate) at the annual meeting, but on legal advice the company is not yet publishing details of proposed legal action.

New Zealand Refrigerating held its annual meeting on February 25, but reporters were not allowed in. The chairman’s review was released yesterday. Only a resume of his comments on the take-over of Meat Packers and subsequent moves is in the review. The review says: “He explained briefly the course of events leading up to the takeover offer being made, the reasons which determined the directors to make that offer, and the precautions which were taken.

“He then told the meeting of the position shown by the accounts of Meat Packers for the 16 months ended October 31, 1964, when those accounts finally became available, and the steps which the directors had since taken to remedy this position. “These steps included the issue of legal proceedings which had not yet been heard, and which were unlikely to be heard for some time.

“The chairman regretted that, under the circumstances, he could not be more explicit, but the board was convinced that the proposed

procedure was in the best interest of New Zealand Refrigerating and its stockholders. “In view of the legal proceedings referred to above, the board had been advised by its legal advisers and by counsel that this portion of the chairman’s address should not be made available for general publication at the present time,” the review adds.