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Share price soars on Privy Council case

By Chris Hutching

Friday 6th June 2003

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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.

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