Seems to Coast council bails out of suspect stake in Canterbury 1080-pellet facility

PCR manufactures a variety of pesticide baits, including the pellets containing 1080. Photo / File

By Lois Williams, Physical Democracy Reporter

The West Coast Regional Council has cut its risks and sold its share inside a Canterbury-based pesticide factory.

While it is quitting the nation’s controversial stake in Pest Command Research (PCR) Ltd, it is maintaining ownership of the land and factory-style tenanted by PCR at Rolleston, near Christchurch.

PCR manufactures a variety of pesticide baits, including the pellets containing 1080.

The council devoted $1. 9 million in the partnership in 2013, paying $1. a few million for the property and creating / developing, and $490, 000 for a 49 per cent share in the business.

The council kept this particular investment quiet for about a year, once it was uncovered by the Greymouth Popular it sparked a petition then angry protests by anti-1080 demonstrators.

Announcing the sale today, council chairman Alan Birchfield said the council was offered mainly because the investment had didn’t generate the expected profits.

“We weren’t purchasing a decent return, but also the company’s essentially prosecuted over a safety incident and though it didn’t happen at all these [Rolleston] site, lady some risk of liability, so this site is pulling out. ”

WorkSafe NZ has laid complaints against PCR after a worker was most poisoned by an unnamed chemical at its Bromley warehouse, and hospitalised for two weeks. He later taken a full recovery and the case is considered to be yet to go to court.

Birchfield said the authorities had sold its share for only a dollar to majority shareholder Matthew O’Brien, but would be paid out all around $390, 000 owing to the authorities from the joint venture’s current account.

“The council has not had the profits it hoped for out from the joint venture, but it hasn’t cost my ratepayers a cent overall, ” Birchfield said.

Unquestionably the council would keep ownership of an property in the Rolleston Izone private park, and PCR would for being as tenant, paying the council $96, 000 a year in rent, along with a rent review due in Present cards.

“That is an accomplished sound investment. We’ve spent a while on the building, but properties you find in high demand and will continue to increase in equity; ours has gained about $400, 000 in CV, which is a additional than what we spent on the revisions. ”

While using the council’s exit from PCR, chief executive and majority shareholder Matthew O’Brien becomes the sole owner of the contractor}.

He has happen to be declined to comment on the deal.