Keltern Stud bid is put on hold

An application by the Foote Family Trust to liquidate troubled merchant banker Sam Kelt's Keltern Stud Ltd was adjourned in the High Court in Napier yesterday.

Mr Kelt's sister Susanne Foote, and Stuart Foote, as Trustees of the Foote Family Trust, seek to liquidate the company.

Companies office records show Mr and Mrs Foote as 50 per cent shareholders in Keltern Stud.

Mr Kelt told Hawke's Bay Today the liquidation would not be happening.

"There is no liquidation at all," he said.

The 37ha property in Roy's Hill, on SH50, was sold in February for $1.35million, 10 times more than what was paid for it in 1991.

In July Mr Kelt was evicted from his Kelt Capital Hastings offices for non-payment of rent after losing ownership of the building through missed mortgage payments.

The company sponsored the Kelt Capital Stakes, building it up over the years until it became a group one event with a stake of $2 million.

The application to liquidate was adjourned until November 14.