PPCS exercises option to buy stake at $3.50

PPCS exercised its option yesterday to purchase 14.66 million ordinary shares in Richmond, held by Hawke's Bay Meat Ltd, at $3.50 a share.

That was higher than the $3.05 PPCS will pay to Richmond shareholders for their shares, and brings PPCS' stake to 52.53 percent.

Hawke's Bay Meat is 49 percent owned by PPCS and 51 percent by Active Equities.

PPCS received High Court approval for the two-tiered offer because the option dated back to June 2001, before the introduction of the Takeover Code rules one month later prohibiting differentiated offers.

PPCS' offer to shareholders is open until February 26.

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.