Big meat investments planned by board

Press, 3 February 1986, Page 14

Big meat investments planned by board

PA Wellington The Meat Board will make big investments in the meat industry through its investment company, Freesia Meats, Ltd, says the board’s chairman, Mr Adam Begg. Under an agreement with the Government, the board was able to use funds in the meat industry reserve account (more than $lOO million) to invest in the industry, provided any commercial venture was at “arms length” and had no advantages over other companies because of its relationship with the board, he said. The board of Freesia Meats is: Mr Reid Jackson (chairman), a chartered accountant and company

director; Messrs B. K. Knowles, managing director of the Wool Board and company director; F. B. McKenzie, managing director of Alliance Textiles, Ltd; J. W. Holdsworth, business consultant and company director; N. D. Mcßae, deputy chairman of the Meat Board; M. R. Barnett, Meat Board member; D. J. Frith, Meat Board member; and the board’s chief executive, Mr J. P. Bremner.

Mr Begg said it was envisaged the company would establish subsidiary commercial businesses and that board members of Freesia Meats would not be part of the directorates of these businesses.

This would ensure an ’arms-length” commit-

ment. "The aim of the commercial operations will be to quickly become a market leader in terms of efficiency, and product and market development,” he said. “The future prosperity of the industry requires rapid progress in both these areas and the board intends its operations will be at the forefront of developments.” Mr Begg said the board had had discussions with meat companies about cooperation. "These will now be in the hands of the board of Freesia Meats, Limited,” Mr Begg said.

The first formal meeting of Freesia Meats, Ltd, will be on February 7.