By NZPA
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Thursday 27th June 2002 |
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About June 10, former Brierley executive Paddy Marra's Pisces Holdings took a 19.79 percent stake in Seafresh, as did Michael Kooiman of Kooiman Investments, while Balmoral Investment Trust bought 14.48 percent, and Kate Foot took 1.89 percent.
The four now hold a 55.98 percent stake in Seafresh after buying the shares from Lim Family Holdings.
The Takeovers Panel announced its decision today after meeting with the four buyers, Seafresh and Lim Family Holdings.
"The panel has determined that ... the buyers acted in concert to buy the shares and each buyer is therefore, under the provisions of the code, deemed to be the holder of more than 20 percent of the voting rights in Seafresh."
Under Takeovers Code rules, a bidder has to make the same offer to all shareholders when their stake in a target company tops 20 percent.
The panel extended the order restraining the four buyers from trading their Seafresh shares to July 18. It is also considering further action.
The Lim family sold its 36.95 million shares for 0.27c a share, retaining just 900 shares and a place on the board.
Mr Marra was formerly corporate general manager of Brierley, now BIL International, and Mr Kooiman has an engineering background and has owned ships.
Seafresh's Lower Hutt factory is up for auction on July 3 by Colliers after the company defaulted on its loan with Harts Contributory Mortgages.
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