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

 

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.


Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 



Air New Zealand: Relaunching 14 International Routes In 16 Days

Air New Zealand is gearing up for the busiest July in two years with the relaunch of 14 international routes in 16 days... More>>



Inland Revenue: Update On Hidden Economy Real Estate Campaign

The Inland Revenue campaign focussing on the real estate sector has resulted in a drop in the amount of private expenses claims being made... More>>



Westpac: Consumer Confidence Plummets To Record Lows As Financial Pressures Mount

The Westpac McDermott Miller Consumer Confidence Index dropped sharply in the June quarter, falling 13 points to a level of 78.7... More>>


BusinessNZ: NZ Economy - Prevailing Headwinds
The latest BusinessNZ Planning Forecast reveals business and consumer confidence is low, with factors at home and abroad hampering our recovery... More>>


Specialist Cheesemakers Assn: Shared Cheese Heritage Should Be Shared Not Stripped

As the EU-New Zealand FTA advances New Zealand cheesemakers are urging both Governments to recognise and celebrate the shared cheesemaking heritage that exists between European countries and New Zealand... More>>

Download Weekly: $60 million for more rural connections
David Clark, the digital economy and communications minister, announced the government will spend $60 million to further improve rural connectivity over the next few years... More>>