PPCS wants Richmond majority

PPCS already holds around 17% of the company following after buying last week at $3 per share, but now says it wants to take its holding to 60%.

The cooperative says it intends to offer between $2.70 and $3.24 per share and that the transfers may be by direct offer, a market stand, private treaty or the acquisition of equity securities and/or debt securities in a company or other entity which holds shares in Richmond.

Last year PPCS had to sell a 35.8% stake in the then secondary-listed Richmond after an investigation found it had not complied with the Richmond constitution in the purchase.

The shares were sold to Hawkes Bay Meat in July last year. Hawkes Bay Meat is a wholly owned subsidiary of Wellington-based Active Equities, and two of its directors - Paul Collins and Bruce Hancox - were appointed to the Richmond Board.

Until recently the three other major shareholders in Richmond were groups representing farmer supplier interests, including Toocooya Nominees, Richhold and Waitotara Farmers, which together had around 29%.

However Toocooya sold its shares to PPCS last week.

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