Godfrey Hirst applauds High Court stay

Date: 8 July 2011

New Zealand’s largest carpet manufacturer, Godfrey Hirst, applauded today’s High Court decision to grant a stay of the sale of Wool Services International Limited (WSI) to Cavalier Wool Holdings Limited (Cavalier) pending an outcome of an appeal against the authorisation granted by the Commerce Commission.

Godfrey Hirst General Manager, Tania Pauling, said: “This is a highly appropriate outcome given our view there are serious flaws in the Commerce Commission decision of 9 June to grant authorisation for a sale of WSI to Cavalier. We are relieved that WSI’s business cannot, ahead of an appeal, be dismantled by Cavalier as it seeks to extract monopolistic benefits. This is good news for WSI staff and the NZ wool industry, not to mention the non Hubbard (Plum Duff) shareholders in WSI, who have been vehemently opposed to any sale to Cavalier.”

The High Court has set a hearing date for the appeal of 22nd August 2011.

ENDS

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