Dunedin meat company PPCS has been cleared of ‘share warehousing’ allegations in its bid to take control of Richmond, New Zealand’s largest meat processor.
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A High Court last week dismissed three allegations brought by Richmond and others against PPCS, that the meat company gave control of shares that it was ordered to sell to an associated party working in its interests.
However, Justice Young upheld two other allegations involving another parcel of shares.
Richmond says Friday’s judgement was the initial step in a two-phase process. The second phase involves a further hearing and decision concerning remedies for breaches found by Justice Young.
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