Freightways' investors informed about crash

By PAM GRAHAM

Freightways yesterday released a statement to the stock exchange - where it successfully listed just a week ago - about the crash of one of its freight aircraft on Friday.

Chief executive Dean Bracewell said Freightways' overriding concern was for missing crew Barry Cowley, 57, of Kaiapoi, and Paul Miller, 50, of Thames, and their families. He said the company was co-operating with authorities.

As a listed company Freightways was keeping investors informed by issuing yesterday's statement which said the crash would not have a material impact on finances.

The plane, which crashed on the Kapiti coast north of Wellington, was one of five operated by Freightways subsidiary Air Freight New Zealand. Bracewell said the company was insured. Four aircraft were regularly used and a fifth acted as a backup to reinforce the network at peak times or when maintenance work was carried out. Two aircraft usually operated on a Friday night.

Bracewell said he received a call soon after the aircraft was reported missing and immediately went to Auckland airport.

Freightways operates courier brands New Zealand Couriers, Post Haste and Castle Parcels and the national transport network supporting them includes Air Freight and Fieldair Engineering.

The company debuted on September 29 at a premium to the $1.60 price the shares were sold to the public at. They have risen every day since, except yesterday when they fell 3c to $1.80.