By NZPA
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Thursday 20th June 2002 |
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While not claiming victory, the company said the court has now heard its side of the story. PPCS dismissed media claims it was looking for a buyer for its stake in Richmond.
The decision allows PPCS to buy more shares in Richmond but must seek court approval to sell any, although PPCS operation's manager Keith Cooper said they had no intention of altering their 51 percent stake.
"We still believe in the ultimate goal of being in a formal relationship with Richmond," he said.
PPCS was seeking to overturn an injunction by Richmond preventing it from trading in shares ahead of the August 6 court hearing. A company spokesman said Richmond wanted to maintain the status quo.
The court partially accepted the appeal.
PPCS chief executive Stuart Barnett said the ruling defined the issues ahead of a more substantive court hearing on PPCS's purchase of shares in Richmond to be held in Christchurch on August 6.
That hearing will consider a claim by some Richmond shareholders that PPCS breached the notice and pause provisions in the company's constitution when it sold its Richmond shares to Active Equities in July 2000 as directed to by an independent panel.
Richmond shareholders allege PPCS did not comply with the requirement to divest itself of interest in those shares.
Mr Barnett said the looming case would clear up matters between PPCS, Richmond and "a small group of disaffected Richmond shareholders."
"PPCS is committed to the establishment of a strategic North Island and South Island meat marketing partnership able to withstand the vagaries of weather, supply and demand, which has beset the industry this year."
He said the strategic value of PPCS's actions has never been debated with Richmond focusing on technical and legal issues.
Richmond chairman Sam Robinson had little to say about the decision, other than he was pleased with the result and looked forward to the August 6 hearing.
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