Meat shares come down

Press, 2 July 1983, Page 24

Meat shares come down

Canterbury Frozen Meat Company, Ltd, yesterday achieved its target of a 24.9 per cent stake in R. and W. Hellaby, Ltd, although most of the shares were bought at 145 c each. The market for Hellaby shares then retreated, with sales at 125 c — still 8c above the price before CFM’s foray. The chairman of CF?tl. Mr J. O. Acland, said that CFM’s S9M investment in R. and W. Hellaby reflected CFM’s belief that Hellaby’s, with its strong links with the beef industry, had a sound long term future. Mr Acland said he was sure both organisations would work closely together in both the areas of meat marketing and meat processing. He also said that the meat industry was going to need all its skills and abilities to cope with current and future economic and political pressures. The industry would benefit from the continuity of interest that would develo-

between CFM and R. and W. Hellaby, he said. However, the Primary Producers’ Co-operative Society obviously has not yet reached its target in Southland Frozen Meat. Ltd. Yesterday a further 389,000 shares changed hands at 365 c each. PPCS went on the market for an unspecified number of SFM shares at 305 c, 25c above Wednesday’s selling price. The PPCS chairman, Mr R. A. Burnside, confirming the move, said that no set number had been decided, and there was no time limit. "We’re in no hurry,” Mr Burnside said, adding that the buying was “no big deal.” He said that PPCS had a substantia) interest in SFM some years ago. “Reluctantly, we had to sell our interest in a swap deal with Wrightson-NMA, who held a 10 per cent interest in Canterbury Frozen Meat," he said.