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Judgment To The Heart Of Disputed Shareholding

September 1, 2002

Judgment Goes To The Heart Of Disputed Shareholding

Richmond Limited has welcomed the reserved interim judgment of Justice William Young, in the proceedings to determine the status of the shareholding of PPCS Limited since 1998.

Richmond says Justice Young’s judgment has confirmed the Company’s concerns about the real nature of the cornerstone (33%) shareholding acquired by HKM Nominees in 1998. While both the seller of that shareholding, NZ Meat Board, and Richmond believed HKM was a genuine investor on behalf of Maori investment interests, Justice Young found: “The reality that HKM was at that time intended to be just a nominee for PPCS is unmistakable.”

Richmond Chairman Sam Robinson says that PPCS’ relevant interest in the HKM shares, in contravention of the Company’s Constitution and the Securities Amendment Act, had been at the very heart of the longstanding shareholding dispute in Richmond.

“We went to the court looking for an outcome to resolve festering shareholder issues. We now know for sure the real nature of HKM’s shareholding and the covert involvement of PPCS.”

Mr Robinson said that Justice Young’s judgment was a lengthy one involving many issues that deserved reflection and further detailed study by the Company’s legal team led by Bill Wilson QC.

The judgment released late Friday was the initial step in a two-phase process. The second phase involves a further hearing and decision concerning remedies for breaches found by Justice Young.

Mr Robinson says Richmond is looking for a speedy resolution of proceedings.


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