WSI chairman resigns as Hubbard shares go on sale
Wool Services International chairman Pat Morrison has abruptly resigned from the board following a directors meeting held today.
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Wool Services International chairman Pat Morrison has abruptly resigned from the board following a directors meeting held today.
A brief statement issued to the stock exchange said director Derek Kirke had been appointed new chairman.
The resignation comes as a majority shareholding in the company is for sale as a result of receiverships of companies linked to South Canterbury Finance lynchpin Allan Hubbard. Woolpak and Plum Duff own 63.8% of the shares in Wool Services International, the country’s largest wool exporter. Plum Duff is owned by Mr Hubbard’s Forresters Nominees, the ultimate owner of Aorangi Securities (in statutory management).
Woolpak is recorded by the Companies Office as being wholly owned by Timaru businessman Ross Lund, a business partner of former South Canterbury Finance director Edward Sullivan.
NBR understands the Serious Fraud Office is investigating Woolpak as part of its probe into related party transactions involving South Canterbury Finance. Mr Morrison would not give any reason for his departure when NBR called this afternoon. “That press release is all the information, thanks very much for your call,” he said. A former chairman of the Wool Board, Mr Morrison had been a director of WSI since 1996.
Duncan Bridgeman
Wed, 02 Feb 2011
Wed, 02 Feb 2011
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WSI chairman resigns as Hubbard shares go on sale
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