Middle Eastern scouts eye Crafar farms

Robyn Schneller at the NZ Herald's Infinz Awards.

Aussie middle-man Robyn Schneller working on behalf of Bahrani interests is scouting New Zealand with an eye to taking equity positions in companies that are facing liquidity problems.

The Crafar Farms group of companies - which are currently in receivership - is one asset that has caught Schneller's attention. But with Bayleys having been up in China talking to potential buyers it might prove too late to bailout the Crafar Family and get the farms back out of receivership.

The Sydney-based Schneller - who represents Western Gulf Advisory - indicated to the Business Herald that the Bahrani-controlled firm has US$3 billion earmarked for investment in Australasia.

She met in Auckland last week with Crafar Farms receiver Brendon Gibson from Korda Mentha.

Schneller later told the Business Herald that Gibson did not raise the specific receivership.

"He talked in general about the tightness of capital in the market place and how the four Australian banks had attempted to work through stressed companies over the past twelve months."

Gibson also confirmed the Crafar Farms receivership was not canvassed during their 20 minute conversation.

Schneller also met with corporate advisory firm Campbell McPherson to discuss the potential acquisition of a distressed asset. But it was not of sufficient scale for Western Gulf's criteria.

She first caught the attention of the tight-knit Auckland financial community when she turned up at the NZ Herald's Infinz Awards night a fortnight ago and has since met a targeted list of players around town.

In Australia Western Gulf is currently examining a restructure of the Cubbie Station cotton farming group which has huge fresh water assets.

Western Gulf is interested in paying out the bank debt but keeping the current management intact.