PDL shareholder faces legal challenge

Gold Peak's Singapore subsidiary, Clipsal, emerged as a shareholder in Christchurch-based PDL earlier this month following a stand in the market by French electrical firm Schneider.

PDL says it has received a copy of legal proceedings filed in the High Court in Wellington by Schneider Electric alleging a breach by Gold Peak of obligations under the Securities Amendment Act 1988 with regard to the purchase of shares in PDL Holdings.

Schneider is seeking an injunction restraining Gold Peak from purchasing further shares, wants Gold Peak's voting rights to be declared void and the company directed to either forfeit or dispose of the shares.

Schneider is also seeking an enquiry into damages and costs.

Although PDL has reported the legal challenge to the market the company says it is not party to the proceedings.

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