By NZPA
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Friday 14th March 2003 |
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Mr Foster, a former Richmond chief executive, said statements from PPCS following the company's purchase of Lowe Corporation shares this week attempted to indicate that the company had already won control of Richmond.
"But when PPCS says it now owns 56.9 percent of the total voting rights it fails to inform shareholders - and the public - that on April 22, under a court order, it will lose the voting rights to 42.98 percent of Richmond shares," Mr Foster said.
He is one of 10 shareholders in the Bell Group, which took PPCS to court last year.
The case saw the Dunedin-based company's actions in obtaining Richmond shares deemed by Justice Young as being "a deliberate, flagrant and contumelious breach of the substantial security holder regime", and PPCS was ordered to forfeit 42.98 percent of its voting rights (on April 22).
"This will leave PPCS with just 24.38 percent of the remaining voting rights, or well less than halfway toward the number of shares it needs to control Richmond," Mr Foster said.
In its statement earlier this week, PPCS encouraged shareholders to sell their shares by increasing its offer price from $3.05 to $3.11 a share and making the offer unconditional.
The PPCS offer closes on March 28.
"It's no wonder they are 'strongly encouraging all shareholders to accept their offer'. It is a less- than-honest approach in informing shareholders. The battle is not over," Mr Foster said.
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