Matauri Mara


Matauri Mara

Matauri Mara (Certificate of Title 456/106) was sourced from Cyril McKenzie and Peter Whittaker of South Pacific Resources Commodity Traders, a Hokitika company registered in Christchurch.  (Don Simcock had been a director of South Pacific Resources Limited, also located in Hokitika.)  McKenzie and Whittaker received Matauri Mara as part of a liquidation settlement when Matauri Mara Limited went under.  (The Companies Office records show this liquidation occurred between June 93 and March 94.)

The forest was apparently bought by a company, Clearwood Holdings, in September 93 for $1,240,000.  This was $90,000 more than the amount of the conditional contract mentioned in Flat Rock Forests Trust’s March 93 prospectus.  FRFT’s 31 March 93 annual return (filed 12 October 93) said that that contract had become unconditional on 27 April 93.  It said that all but $90,000 was paid in instalments with the “balance due on a date set by the lender.”  On page 32 of the prospectus, Arbor valued the forest, which they said was 240.9 ha, at $751,969 as 31 December 92.  They used an 11% discount rate.

Wall Arlidge said the land was valued at $190,000 as of 31 December 92; they called it a “sound investment” and said “255 ha is covered in 13-17 year forestry” though the second paragraph following said 245 ha.

$751,969 + 190,000 totals $941,969; it is unclear why the purchase price was $1,150,000.  It is also unclear why, on page 11, the value of the forest was given as $729,505 — $22,464 less than the first value given.  The trees were projected to be harvested in 2002 though the 31 March 94 annual return said income was forecast from Matauri Mara in 95.  “To enhance land value and to arrest reversion replanting is occurring at … Matauri Mara … ”  Replanting of?

Matauri Mara’s owner, Clearwood Holdings, had several Perpetual Trustee employees as shareholders (including the former director and general manager of a company owning what became another of FRFT’s forests — see Francis Creek).  These shareholders relinquished their shares after assets were mortgaged.  Thereafter, Clearwood appears to be a “holding company” for trust assets (though I could find no new Constitution).  Matauri Mara received a certificate of title change, becoming 43C/918.

For news articles on the Flat Rock Forests Trust, forestry, the Serious Fraud Office, one immigrant family's experiences, immigration specialists, fraud, juries, logging, and more, check out the News Table of Contents.  Or you may wish to visit the Forestry Trust Table of Contents to read how a unit trust went bust.  Or the Topics Table of Contents which offers a different approach to lots of topics - among them poisonous insects, eating dogs, what's addictive, training vs teaching, tornados, unusual flying machines, humour, wearable computers, IQ tests, health, Y chromosomes, share options, New Jersey's positive side, oddities, ageing, burial alternatives, capital punishment, affairs, poverty, McCarthyism, the most beautiful city in the world, neverending work and more...

Back Home Up Next