NZSX Listing Profile - Turners and Growers

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Chairman’s Letter
Although the present company was established in
1921, the business reaches back to 1897 when Edward
Turner became active in fruit and produce wholesaling,
auctioneering and fruit importing, supported over time
by his nine sons.
In the succeeding century the business prospered and
grew into the nation’s largest and best known fruit and
produce wholesale company. For many years the
shares were held by three main groups; producer/
suppliers, members of the Turner family, many of
whom were active in the business, and staff. Our share
register currently has in excess of 900 shareholders.
In 2002 the Group separated out the motor vehicle and
plant auction business of Turners Auctions Limited into
a separate company which is now listed and trading on
the NZSX.
Turners & Growers Group Listing Document
Dear Shareholder, the Directors of Turners &
Growers Limited welcome the opportunity to
present this profile of the Group. We are a long
established New Zealand company with a
proud history in the fresh produce and
horticultural industries. We have a proven track
record and are committed to growing our
business both domestically and internationally.
Approximately eighteen months ago Turners & Growers
acquired ENZA Limited (successor to the New Zealand
Apple and Pear Marketing Board) and the Group has
since successfully realised a number of the benefits and
cost savings identified at the time of the acquisition.
One of our core strategic objectives is to continually
review our existing operations as the market place
evolves. As the market continues to change the Board
believes there are likely to be opportunities for investment
in projects directly related to our business that will have
the effect of achieving a greater degree of vertical
integration in certain key areas. The Board is determined
to “stick to its knitting” and not become distracted by
opportunities which lie beyond our core business
franchise, unless for very compelling reasons. We are
first and foremost a fresh fruit and produce company.
One part of the Group is ENZAFOODS, which is
essentially a manufacturing company producing a
number of food ingredients, related products and pure
juice concentrates – most notably apple and carrot
juices. The Board considers this business lies
somewhat outside its core fresh fruit and produce
operations and is therefore moving in due course to
separate ENZAFOODS in a similar way to Turners
Auctions. This separation is likely to occur at some
point after the NZSX listing of Turners & Growers.
Among other things, the listing of Turners & Growers:
• will provide access to a more sophisticated market
for our shares;
• will provide increased awareness of the Company in
the New Zealand capital markets;
• should allow shareholders to more easily trade their
shares;
• will open the door to new investors; and
• will enable the Company to more efficiently access
the capital markets in the future should it wish.
I hope that the material we have put together for this
Profile will be informative and of interest.
Yours sincerely,
A I (Tony) Gibbs, Chairman
Turners & Growers Group Listing Document
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