Sharechat Logo

Share price soars on Privy Council case

By Chris Hutching

Friday 6th June 2003

Text too small?
Apple Fields' share price soared nearly 100% to 4.5c, with the sell price at 10c a share, yesterday in anticipation of the outcome of a Privy Council ruling on a $13 million property deal.

Major founding shareholder Tom Kain travelled to London with Tom Fogharty QC earlier this week and they were expected to know the result of the hearing by yesterday but no word had come through yesterday mid-afternoon.

Apple Fields is a shelf company with some interests in the development margin on an undeveloped block of land on the outskirts of Christchurch as well as the potential outcome of the Privy Council appeal.

In the case, Apple Fields alleges the mortgagee of a block of land (now a subdivision called Northwood) had a conflict of interest over the sale.

If successful, a possible remedy might involve Apple Fields being offered back some of the sections.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Broader review powers eyed for Climate Change Commission
MARKET CLOSE: NZ shares edge lower as global ructions weigh; Tourism Holdings sinks
NZ dollar rises as markets bet on US interest rate cut
Fonterra seeks further changes to dairy act
Tilt, Oji say transmission changes may discourage new generation
Tourism Holdings shares fall to 6-week low as US margins shrink
Venture capitalists split on govt picking winners
21st October 2019 Morning Report
Kiwi dollar steady as markets await Brexit developments
Domestic AGMs, multi-national earnings to provide economic insights

IRG See IRG research reports