New chair, directors for Landcorp


Bill Baylis has been appointed chair of Landcorp on the retirement of Jim Sutton:

He is a director on the boards of Dunedin City Holdings Ltd, Helicopters NZ Ltd, Port of Tauranga Ltd and Carisbrook Stadium Trust. His other chair positions are with Blackhead Quarries Ltd, Dairy Holdings Ltd and Real Journeys Ltd. He has extensive governance experience, with previous chair experience on a number of private sector company boards such as Anderson Lloyd Lawyers and Australasian Food Holdings (Australia) Ltd’s subsidiaries including Huttons Kiwi Ltd, Tip Top NZ Ltd and Mainland Products Ltd. He is also the former chair of PGG Wrightson Ltd and United Electricity Ltd.

The company has two new directors too:

Chris Day (former CFO of AXA Insurance), Nikki Davies-Colley (cattle and sheep farmer and company director) and Pauline Lockett (chartered accountant and New Plymouth District Councillor).

I wish them well. I don’t think the state should own farms, but given that it does the SOE should be run as well as possible.


Dairy Holdings’ shareholders takeover SCF shares


Shareholders of Dairy Holdings Ltd, which owns 58 dairy farms in the South Island, have bought shares in the company which were owned by the collapsed South Canterbury Finance (SCF) and others.

Chairman Bill Baylis said earlier that transactions were due to settle on Thursday and that Overseas Investment Office approval would not be needed. Companies Office records on Friday show that SCF has been removed as a shareholder. It previously had a 33.6 percent stake.

Three UK entities, Pals Plus LLC, NZ Cow Company LLC , and Little Cow Company LLC, have also been removed as shareholders and holdings for existing shareholders Colin Armer and Alan Pye have been amended.

SCF receivers had been trying to sell the Dairy Holdings stake jointly with four other shareholders, creating a 62.5 percent controlling stake but there has been speculation that the existing shareholders had preemptive rights and that the company, rather than the receiver controlled the sale process. . .

Most of Dairy Holdings, farms are in North Otago and Canterbury and unlike the Crafar farms are regarded as being well run.

This news contradicts the rumour circulating earlier this week that the Government Superannuation Fund would buy the shares.

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