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:

NZ dollar eases after another Brexit failure
SkyCity, Fletcher won't name their insurers
NZ stocks smacked by smelter review, SkyCity fire
No govt cash for Tiwai Point - Woods
Strong dairy exports narrow Sept trade deficit
Rio Tinto reviewing future of Tiwai Point smelter
SkyCity convention centre damages dispute murkier after fire
Air NZ ends LA-London service; 155 jobs at risk
Kiwi dollar up against UK pound on Brexit ructions
Contractor retentions regime a lemon, industry told

IRG See IRG research reports