Steel & Tube raised prices but lost sales to the competition
Susan Paterson, who joined the Steel & Tube board on January 16 will replace Sir John Anderson as chairman, effective immediately.
There are still 45,000 shares partly paid to 1 cent apiece under the scheme.
Ms Paterson will take over from Sir John Anderson.
The company estimates about 100 new tanks for holding wine will need to be replaced in the Marlborough region.
Steel & Tube Holdings will buy Composite Floor Decks for $13.3 million.
The Meeting Place of Intelligent Business