All fun and business

By BOB DEY

The nation's leading race caller, Keith Haub, told the Ellerslie crowd yesterday: "They're coming round the corner now and it's still Michael Hill Jeweller in front."

Fair enough for Haub to be at Ellerslie, but what was Michael Hill doing in a horse race?

The answer, basically, was having fun. Officially, it was the listed jewellery company's annual meeting, an event held at a different venue every year.

The meeting has been held on water, islands, rail, a vineyard and a museum, and always the busload of Whangarei faithful turn up for their big day out.

Company founder Michael Hill spoke to his throng for 40 minutes about passion, about the Michael Hill culture, about recognising performance and birthdays with a handwritten letter.

He told how it was a shock when Howard Bretherton, managing director since the company listed three months before the 1987 sharemarket crash, decided to resign (effective next August).

Mike Parsell, Brisbane-based joint managing director, will take that role on his own.

The meeting also saw Mr Hill lose his mentor and long-time adviser, Whangarei broker Wally Yovich, from the board.

Of course, Mr Hill promoted the company wildly to his appreciative audience: The immaculate staff were taken through the training school before they set foot on the shop floor.

The future was in large-format stores with the second one scheduled to have a standalone opening at the new Harvey Norman Centre in Mt Wellington. ("A very subtle, quietly sophisticated little store" with a big ring on the roof).

After four minutes of official business, during which directors confirmed the company would not move its primary sharemarket listing to Australia and saw no advantage yet in dual listing, it was drinks and races.

The 10 horses came out, ran half a lap and were led home, not surprisingly, by Michael Hill Jeweller. Down the track were competitors such as Prouds (third, "Australian, has yet to impress and will struggle in this field," Mr Hill announced) and Diamond & Time (an improving Auckland maiden) came second.

Goldcorp was well back and another Australian entrant, Goldmark, was also out of the running.

Just in case it should be thought that with all this fun and games Mr Hill was going soft, he told shareholders the company had 40 per cent of the New Zealand market and wanted 50, had 5.6 per cent in Australia and wanted far more.