Richmond directors resign

By LIAM DANN

PPCS has wasted no time taking full control of Hawkes Bay meat company Richmond.

Five Richmond directors resigned yesterday as the successful takeover offer was declared unconditional.

They include long-time chairman Sam Robinson and board members Malcolm Don, Rod Pearce, Craig Boyce and Warren Larsen.

There was an air of inevitability about the resignations given that Richmond now becomes an operating subsidiary of PPCS.

Remaining on the board are Reese Hart, who also sits on the PPCS board, and Ian Farrant, who will take over as chairman. Bruce Hancox, PPCS board member Rupert Curd and PPCS chief executive Stewart Barnett join the board.

Despite finally getting closure on one of the country's longest-running takeovers, PPCS chief operating officer Keith Cooper said there was no sense of euphoria at the Dunedin head office.

"Its certainly not a celebration," he said. "We just want to get on with it now."

He said the most immediate changes would be noticed by suppliers who would be given the opportunity to become PPCS shareholders.

PPCS was looking at systems which would allow North Island farmers to benefit from the rebate profit-sharing system that the company ran.

"We are embarking on a process of getting out to see suppliers."

About 20 farmer meetings are planned, beginning next month.

That emphasis on communication with suppliers reflected PPCS' philosophy as a co-operative.

On the operational side, PPCS had already been working closely with Richmond management since gaining majority control last year.

"We've been integrating things during the past three or four months," Cooper said.

That process would continue but could now be simplified and sped up because the paperwork involved in being a listed company was no longer necessary.

* While one meat company battle draws to a close some industry watchers say another may be brewing between Waikato based Affco and Southland based Alliance. The companies yesterday downplayed reports that a war of attrition is beginning as Affco moves in on Alliance turf - building a new processing plant near Bluff.