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- Release Date: 26/06/13 11:46
- Summary: GENERAL: MFT: Wim Bosman - Correction of Statements in Herald Article
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MFT
26/06/2013 09:46
GENERAL
REL: 0946 HRS Mainfreight Limited
GENERAL: MFT: Wim Bosman - Correction of Statements in Herald Article
Wim Bosman Group - Correction of Statements in Herald Article
An article in this morning's New Zealand Herald contains several incorrect
statements regarding the loss of a Wim Bosman Group customer and a claim by
Mainfreight against the former owner of the Wim Bosman Group.
The Herald article suggests that the customer loss had not been disclosed to
the stock exchange. That statement is incorrect. Mainfreight has made
several disclosures in relation to the Wim Bosman Group customer losses. In
the Group Managing Director's report to the 2012 annual meeting (released to
NZX on 26 July 2012) comments were made in relation to the loss of three key
logistics accounts and the statement was made that while two of the three
account losses were known during due diligence, the third came as a surprise.
Other references to those lost customers have been made in subsequent
announcements, in the 2012 Annual Report on page 22, on 9 August 2012 and in
the 31 March 2013 financial results announcement released on 29 May 2013.
Those customer losses have been fully reflected in Mainfreight's announced
financial results for the years ended 31 March 2012 and 31 March 2013.
The Herald article also wrongly states that Mainfreight has taken court
action against the former owner of the Wim Bosman Group in relation to a
customer loss. Although Mainfreight has notified the former owner that it
intends to bring a claim, it has not initiated court proceedings. Initially,
any claim against the former owner must, in accordance with the purchase
agreement, be brought by arbitration. If Mainfreight commences arbitration
proceedings against the former owner it will make an announcement at that
time.
Tim Williams
Chief Financial Officer
Phone +64 9 259 5510
Mobile +64 274 533 470
Email [email protected]
End CA:00237816 For:MFT Type:GENERAL Time:2013-06-26 09:46:06
