Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Appeal Court dismisses Sturgess claim over Greymouth

Appeal Court dismisses Sturgess claim over Greymouth Petroleum

By Jonathan Underhill

June 24 (BusinessDesk) - The Court of Appeal has turned down an attempt by Greymouth Petroleum minority shareholder John Sturgess to overthrow a High Court ruling on the sale of his shares.

In a judgment issued today, Justices Tony Randerson, Forrest Miller and Douglas White found for respondents Robert Dunphy and associates, and other shareholders and directors. In this case Sturgess was found to have pushed the envelope with a shareholders agreement that gave him and the majority shareholders rights of veto over the company.

Greymouth Petroleum chairman Mark Dunphy and fellow director Peter Masfen have been embroiled in a dispute with Sturgess since 2011. Today's judgment is interim pending costs and more importantly the fair market value of the company, which is being determined by an arbitrator. Neither side will concede until they see that valuation.

Sturgess was dumped as chief operating officer of the company and is no longer on the board so the value and sale of the shares is the final step in his exit. The arbitrator was appointed by the president of the Institute of Chartered Accountants because the estranged shareholders couldn't agree on a person.

Sturgess and related interests own 14 percent of Greymouth, while interests of executive chairman Mark Dunphy and director Peter Masfen, who together control 86 percent of the local oil and gas producer.

Dunphy and Masfen dismissed Sturgess as chief operating officer in February 2011 saying he failed to meet terms of the job in reporting to the board. Sturgess argued that the company should be wound up.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news