George Rae has returned from two and a half years building in London and has taken up a 75% shareholding in Westridge Construction Ltd. Peter Rae Industries Ltd has retained a 25% interest in the company.
Westridge Construction Ltd has now set up as a contract builder in Wellington.
On 30 November 2017 the assets and business of Waitaki Transport Ltd were sold to Hoskins Transport Ltd.
All employees have been retained and the business will continue to trade as “Waitaki Transport” under the new ownership.
“Once again the earnings for the year were dominated by the exceptional investment gains and special dividends from our Hong Kong and China property company investment.”
“The group result for the year was further boosted by the revaluation uplift in the Waitakere Mega Centre property in Henderson, Auckland”.
“The Company achieved a group profit for the year well in excess of budget, with the highlight being the special cash dividend and uplift in value from the investment in Hong Kong-based Asian Growth Properties Ltd.”
– Excerpt from 2016 Annual Report
“I sincerely thank John Beckingsale and Ian Edmondston, whom have now retired from the directorate, for their valued contribution to the company over many years.
I welcome Harry Rae and George Rae to the board as the Company now completes the transition from its historical “unlisted public company” status to that of a totally family-controlled investment and property ownership entity.
Harry Rae completed a Commerce degree at Canterbury University followed by a degree in Musical Arts, and is now working as a business analyst with NAB in Melbourne Australia. George Rae, after studying architecture, design and project management, is now undertaking a hands-on building apprenticeship with Pearson and Palmer Construction in Wellington.”
Excerpt from 2015 Annual Report
Following the earlier cash settlement with the insurer, the Forsyth Barr House land and residual building shell were offered for sale on an “as is, where is” basis. A conditional sale contract was signed on 4 March 2014 and declared unconditional on 6 August 2014. The transaction was finally settled on 20 October 2014.
On 31 March 2014 the Company acquired a 35% shareholding in Mutual Credit Finance Ltd as a result of a shares placement by the finance company.
Since balance date a confidential cash settlement agreement was negotiated with the insurer of Forsyth Barr House in respect of all outstanding earthquake related claims.
The earthquake damaged Forsyth Barr House Christchurch property is still within the Red Zone cordon and its future remains uncertain. However, work on the stripping, engineering inspection and scoping of damage and repair and replacement options is complete.
The Forsyth Barr House Christchurch property suffered significant damage in the February 2011 Christchurch earthquake, with the collapse of the scissor stairway system. The building was evacuated and has since remained unoccupied. The building is located in the cordoned Red Zone area. Fortunately there were no deaths or serious injury attributed to the building
