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August hearing for Allied Domecq

By Phil Boeyen, ShareChat Business News Editor

Thursday 19th July 2001

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It will be another month before Allied Domecq has to front up and explain some of its share purchases in winemaker Montana.

The Market Surveillance Panel has announced that the Montana Standing Committee will meet on August 18 to hear the complaints against the way Allied's Millstream Equities has acquired certain parcels of shares in Montana.

In the continuing legal tussle between Allied and rival Montana suitor Lion Nathan, the Standing Committee has already met several times to determine a variety of complaints.

It recently upheld a complaint from Allied that Lion Nathan had breached NZSE listing rules in February when it acquired a number of shares before it was entitled to do so. It also ruled that Lion should divest 19% of its Montana holding as a penalty.

This time Lion Nathan has complained about certain purchases in Montana made by Millstream Equities, and the August hearing will once again bring both sides together to explain their positions.

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