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Harvey Norman Holdings Limited’s dairy farm JV appoints administrators

A subsidiary of Harvey Norman Holdings Limited (ASX: HVN) owns 49.9% of the issued shares in Victorian dairy farm, Coomboona Holdings Pty Limited.

Today, it was announced that Coomboona directors appointed administrators Ryan Eagle and Stewart McCallum from Ferrier Hodgson on 23 March 2018.

Afterwards on the same day, secured creditor National Australia Bank Ltd. (ASX: NAB) appointed Peter McKenzie Anderson, William James Harris and Matthew Wayne Caddy from McGrath Nicol as receivers and managers.

It is understood that Coomboona will continue to trade while attempts to sell the business are made.

According to an article in the AFR, Mr Anderson said “We are in the process of conducting a review of the financial position and operations of Coomboona with a view to stabilising the business while we run an orderly sale campaign.”

Coomboona became a part of Harvey Norman in September 2015 with a $34 million outlay for the 49.9% stake.

The market doesn’t appear to be phased by this news as the Harvey Norman share price dropped by just 0.3% to $3.63 at the end of today.

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