No news on Cedenco buyer

At the company's AGM chairman, Basil Logan, confirmed that earnings before tax for the current financial year will comfortably exceed the $4.7 million forecast last year.

However the only update on a potential buyer for the company was to say that the "process was still in progress."

Last year 49% shareholder Brierley Investments announced it was quitting its stake. Cedenco then invited interest from buyers to take 100% of the company and said it hoped to announce a buyer by the end of 2000.

Mr Logan says looking forward the prospects for the company are excellent.

"In Gisborne there are many new opportunities to further grow the business, and we are confident of achieving increasingly better results from this business in the future."

"We can reflect on the 2000 year with a great deal of satisfaction, and can look to the future with a great deal of confidence."

Cedenco shares closed up 5 cents Tuesday at $1.55.

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