NEW ZEALAND: Battle for control of Richmond reaches court

New Zealand meat companies Affco and PPCS went to court today to try to convince the judge of their respective claim on the meat exporter Richmond. The High Court hearing will determine the status of PPCS as a Richmond shareholder. It has been speculated by market analysts that if PPCS, which holds more than one third of Richmond's shares and has an agreement with another shareholder Active Equities to give it more than 50% control in February, is found by the court not to lawfully hold the shares, it could have to forfeit the entire shareholding for no return.