Dumped Farming Systems chairman pops up at Dairy Holdings

Dumped Farming Systems chairman pops up on Dairy Holdings board

by Paul McBeth

Jan. 13 (BusinessDesk) – John Parker, who was dumped as chairman of NZ Farming Systems Uruguay Ltd. this week, has popped up on the board of another dairy company – Dairy Holdings Ltd.

Parker joined the Dairy Holdings board last month after the farm operator found it needed another director, according to Companies Office documents.

With four shareholders, including the receiver of South Canterbury Finance Ltd., looking to sell 62.5% of the company, Parker told BusinessDesk he had no illusions that this was probably an interim role. “They were short and wanted someone on the board,” Parker said.

“My role will be no different from any other director.” Parker has a wealth of experience in the sector, having served as deputy chief executive on the New Zealand Dairy Board and chaired its Latin American subsidiaries.

This week he resigned his directorship at Farming Systems when major shareholder Olam International Ltd. replaced him as chairman. He chairs the Port of Tauranga Ltd., whose board includes Bill Bayliss, a director of SCF-related companies, including Dairy Holdings.

Timaru millionaire Allan Hubbard sold his 33% share of Dairy Holdings to the lender in 2009 as he tried to bolster its equity during the global financial crisis.

Since then, the financier collapsed, leaving the assets to be sold off. SCF receiver Kerryn Downey and William Black of McGrathNicol got three American investors in Dairy Holdings and long-time Hubbard collaborator Humphrey Rolleston to sell their stake as well.

Parker said he hasn’t attended a board meeting yet, and has not been updated on status of the sale process.

(BusinessDesk) 10:50:40

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