PPCS inadvertently in the know

Earlier this week PPCS announced it was considering increasing its stake in Richmond to 60% at a price between $2.70 and $3.24 per share. It currently owns 17%.

However an investigation by independent directors of Richmond has found that when PPCS issued its restricted transfer notice it was in possession of some price sensitive information not available to other shareholders.

"This information was conveyed inadvertently to PPCS by Richmond, and the possession of this information does not reflect in any way on PPCS," the company says in a statement.

Richmond says that because PPCS had insider information, a pause of 15 working days, until June 13, is required with respect of its restricted transfer notice.

"Because of the uniqueness of these circumstances Richmond is advising shareholders to be cautious about selling shares pending the release of an independent appraisal report on the fair value of those shares."

The report is due within the next few weeks.

Following this weeks news that PPCS might want to raise its holding, Richmond chairman Sam Robinson claimed the raised questions of trust, openness, and integrity.

However in today's statement Richmond appears more conciliatory and says it "remains committed to working with PPCS, as a shareholder, in exploring and participating in any specific proposals for co-operation that will bring mutual financial benefits".

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