NEW ZEALAND: PPCS ups Richmond stake to 52.53%

New Zealand meat company PPCS has exercised its option to purchase 14.66 million ordinary shares in rival meat company Richmond, held by Hawke’s Bay Meat. PPCS purchased the shares at a price of NZ$3.50 (US$1.92) a share, higher than the $3.05 that PPCS has offered Richmond shareholders for their shares. The purchase brings PPCS’ stake in Richmond to 52.53%, reported the New Zealand Press Association.

February 4, 2003

New Zealand meat company PPCS has exercised its option to purchase 14.66 million ordinary shares in rival meat company Richmond, held by Hawke’s Bay Meat.

PPCS purchased the shares at a price of NZ$3.50 (US$1.92) a share, higher than the $3.05 that PPCS has offered Richmond shareholders for their shares. The purchase brings PPCS’ stake in Richmond to 52.53%, reported the New Zealand Press Association.