Home' Greymouth Star : October 13th 2015 Contents Greymouth Star
West Coast from the Air
6 - Tuesday, October 13, 2015
PICTURE: Laura Mills
The upper Grey Valley with Blackball in the foreground, taken from the NZCC Rescue Helicopter earlier this year. Ahaura can be seen at right, in the middle distance.
Battle of Britain features at model show
A Dunedin lawn bowls
stadium was transformed into a
massive hangar at the weekend
for a national plastic model
International Plastic Model
Society Dunedin branch
president Mark Rogers, of
Dunedin, said the club started in
1986 and it was the second time
it had hosted the New Zealand
More than 200 models were
contributed by nearly 80
modellers from Auckland to
Invercargill, including St Joseph’s
Cathedral School pupils aged
seven and eight who built a fleet
of planes for the competition.
The weekend competition had a
judging panel of nine, he said.
To commemorate the 75th
anniversary of the Battle of Britain
this year, a display dedicated to the
conflict was on show.
Most of the aircraft were
historically accurate to a moment
in time, including the pilot.
“Most people are building them
with a historical view . . . there is
a lot of research.”
St Joseph’s Cathedral priest
Monsignor John Harrison, 69, of
Dunedin, said he built 10 models
for the competition, including
a Fairey Swordfish, a biplane
torpedo bomber flown by his uncle,
lieutenant John McAleese, during
World War Two.
Monsignor Harrison said he
enjoyed building models because
it was a relaxing pastime. “And
it’s creating something that has a
— Otago Daily Times
PICTURES: Otago Daily Times
Matthew Rietveld, five, of Dunedin, examines a model aircraft at
the national plastic model competition at Westpac Bowls Stadium in
Dunedin on Saturday.
Monsignor John Harrison, left, inspects his Fairey Swordfish
model aircraft with International Plastic Model Society Dunedin
branch president Mark Rogers.
Aftershocks have been rolling in
through the night after a severe quake
rocked the lower North Island yesterday
and Geonet has warned the shakes
could continue for weeks.
The 24km-deep quake struck 15km
east of Pongaroa, on the east coast near
the border between Wairarapa and
Manawatu, about 9pm.
Houses swayed and items shook off
shelves but there have been no reports of
It was felt by more than 5000 people
from as far away as Auckland and
Invercargill, Geonet said.
A series of aftershocks may have meant
a sleepless night for many. There have
been more than 10 smaller shakes felt
through the night about 15km east
of Pongaroa since 9pm — with some
getting up to “moderate” intensity,
according to Geonet.
One of the aftershocks was felt by
about 130 people about 11pm.
Geonet scientists Caroline Little
said there had been “a few foreshocks”
earlier in the day, with the largest being
a magnitude-3.8 quake in the same
location. She said within the first 35
minutes of the 5.8 quake there were
almost 4000 felt reports coming in from
much of the North Island.
The Ministry of Civil Defence said
there was no tsunami threat.
Pongaroa is a small town in the
Tararu district, part of the Manawatu-
Whanganui region. The town lies 110km
south-west of Hastings and about
200km north-east of Wellington.
Silver Fern boss warns
against ‘staring down banks’
Silver Fern Farms chairman Rob
Hewett says the company ’s banking
syndicate has become tired of its
relationship and it would be “a dangerous
game” to test lender support in the event
farmer-shareholders do not support
selling a half stake to Shanghai Maling
Aquarius this week.
Mr Hewitt was responding to calls from
shareholders opposed to the deal to look
at alternative funding, which could keep
New Zealand’s biggest meat company in
local hands. The co-operative that now
owns SFF would be showered in cash if
the Chinese deal goes ahead. As well as
$261 million that would be injected into
the business, leaving it debt free with
funds to upgrade plant and pursue global
growth ambitions, the farmers will get a
dividend of 30c a share, or $35 million,
and the co-operative’s board would get
$7 million for its costs — enough to keep
it going for seven years at current rates.
SFF shareholder John Cochrane last
week floated an alternative plan to raise
$90m in a rights issue under written
by local agri-businesses, a strategy he
claimed would cost the average farmer
$25,000. But Mr Hewitt said SFF
did not know who was backing Mr
Cochrane’s plan or what control they
would demand in the event farmers did
not take up all their rights to new shares.
“ We would be entering a state of
financial uncertainty in the event that
this is voted down by shareholders,” Mr
Hewitt said. “ For John to suggest we
stare the banks down — it’s a dangerous
Mr Hewitt said while SFF had made
progress repaying debt and improving
the performance of the meat company,
“the challenge is we have a banking
syndicate which is tired”. The board
agrees with lenders that the company
needs to put some extra equity into the
business “and we’re not confident we will
get that amount of equity from existing
Somer ville, another opponent of the
sale, issued a statement over the weekend
urging farmers to reject the Shanghai
Maling deal and not cede control of
Tomorrow is the last day shareholders
can lodge proxies and internet votes
ahead of Friday’s special meeting in
Dunedin. — NZME
The alternative recapitalisation plan
for Silver Fern Ferns has the support of
the State-owned farm owner Landcorp,
Invercargill-based H W Richardson,
and Hastings-based Lowe Corp, South
Island company director John Rodwell
Silver Fern Farms’ proposed joint
venture with China’s Shanghai Maling
Aquarius, which requires a simple
majority of over 50%, goes to a farmer-
shareholder vote on Friday.
Mr Rodwell issued a statement
saying the Silver Fern Farms board
and management pursued the option
seriously during July and August of this
year, alongside the capital raising process
being run by investment bank Goldman
Sachs. The under writing effort was co-
ordinated by Mr Rodwell at the request
of Silver Fern Farms, the statement said.
Through a process of face-to-face
meetings and presentations made by
directors and management of Silver
Fern Farms and Mr Rodwell, a group of
New Zealand agri-business companies
agreed to commit the $40 million
considered sufficient by the company to
under write an issue of preferred shares
to its shareholders, the statement said.
“As pointed out by the company
recently, this $40m infusion was not
sufficient to gain bank support.
“The under write group continues to
be in place should that be of assistance
to the company post its impending
meeting on October 16,” it said.
“It has grown in numbers and financial
capability, with offers of participation
having increased substantially and
the capacity to increase further if
requested. This has been conveyed to
H W Richardson is a family owned
transport business and Lowe Corp is an
animal byproducts manufacturer.
SFF alternative plan still backed — director
or more at any of these participating stores to go in the draw.
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