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

 

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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