The legal battle for New Zealand meat exporter Richmond continues, as the latest trip to the courts failed to resolve the matter.
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PPCS, a Dunedin meat cooperative, had asked the High Court to set aside an interim injunction which prevents PPCS taking steps to trade Richmond shares. Judge William Young dismissed PPCS’s application. However, Judge Young did allow PPCS to buy more Richmond shares.
Both PPCS and Richmond seemed partly mollified by the decision.
A High Court hearing due to start 6 August will determine the status of PPCS as a Richmond shareholder.
It had 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, reported Stuff.
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