In January, Main Road Stoke, which trades as McCashin’s, were offered 8.6 million Veritas shares at 20 cents apiece. However, their offer was terminated. The $1.7 million purchase price would have been a premium to the current trading price of 13 cents, or $1.1 million.
Veritas, an Auckland based company, has been struck hard over the past two years with horrendous investments into the Mad Butcher and Nosh grocery businesses. Last year, Veritas sold the Mad Butcher back to Morton for $8 million after paying $40 million to obtain it in 2013. Furthermore, Veritas has received pressure from its former banker, ANZ, for the repayment of their $27 million owing in loans.
Last week, Veritas appointed Duncan Makeig to chair the board and revealed plans to rebrand.
During the 1980s, Nelson-based McCashin’s was at the forefront of New Zealand’s craft-beer industry.