Mainfreight took the unusual step today of issuing a correction over statements made in the NZ Herald about the loss of a customer.
The correction was issued today through the stock exchange (NZX), where the company is listed.
The correction claims the article contains several incorrect statements regarding the loss of a Wim Bosman Group customer in Europe, and a claim by Mainfreight against the former owner of the Wim Bosman Group.
Mainfreight acquired the company in 2011 for 110 million Euros.
“The Herald article suggests that the customer loss had not been disclosed to the stock exchange,” says the statement. “That statement is incorrect.”
“Mainfreight has made several disclosures in relation to the Wim Bosman Group customer losses,” it says.
“In the Group Managing Director’s report to the 2012 annual meeting (released to NZX on 26 July 2012) comments were made in relation to the loss of three key logistics accounts and the statement was made that while two of the three account losses were known during due diligence, the third came as a surprise.”
“Other references to those lost customers have been made in subsequent announcements, in the 2012 Annual Report on page 22, on 9 August 2012 and in the 31 March 2013 financial results announcement released on 29 May 2013. Those customer losses have been fully reflected in Mainfreight’s announced financial results for the years ended 31 March 2012 and 31 March 2013. “
The statement also claims that the incorrectly reported that Mainfreight has taken court action against the former owner of the Wim Bosman Group in relation to a customer loss.
“Although Mainfreight has notified the former owner that it intends to bring a claim, it has not initiated court proceedings,” the statement says. “Initially, any claim against the former owner must, in accordance with the purchase agreement, be brought by arbitration.
“If Mainfreight commences arbitration proceedings against the former owner it will make an announcement at that time.”
The original story repeated claims from a soon to be released book on the history of Mainfreight ‘Ready Aim Fire’, by Keith Davies. The company disputes some details in the book.
