PDL legal hearing adjourned

French electrical company Schneider is taking Hong Kong-based Gold Peak to court over its purchase of PDL shares last month.

Schneider on Monday sought an injunction to stop Gold Peak increasing its PDL stake, but the application for the injunction has been adjourned until April 30.

The French electrical company, which holds 18% of PDL after a market stand last month, wants Gold Peak's voting rights declared void and the company directed to either forfeit or dispose of the shares.

PDL shares hit a near three-year high of $6.50 after Gold Peak and associated interests entered the market and took an 8% holding in the company. The shares have since fallen back by around a dollar.

Schneider, who had offered $5.20 a share, had been seeking 19.9% of the company through its market stand.

The Stewart family owns around 60% of the PDL.

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