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Two more directors for PPCS

By Chris Hutching

Friday 8th August 2003

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Dunedin-based meat processing co-operative PPCS is to beef up its governance after rumblings from farmer-shareholders about the costs and tactics associated with the five-year takeover battle for listed Richmond.

The fight for control went to the Appeal Court last week, with PPCS seeking to set aside penalties (forfeiture of Richmond shares) for breaches of the Securities Act, and Richmond arguing that the southerner should be made to sell all the shares it owns.

"In line with good governance practices, your directors are recommending a change to the PPCS constitution to allow the option of appointing two additional directors to the board," chairman Jim Pringle said.

"The ability to expand the governance base ­ drawing on additional expertise at board level ­ will be invaluable to the elected directors and to shareholders.

"It will give them the flexibility to identify areas where they need expertise."

A letter will be sent to shareholders next month for them to vote on the issue.

The 10 current directors are Mr Pringle, Lindsay Alderton, Robbie Burnside, Rupert Curd, Terry Egan, Joe Ferraby, Andrew Fox, Eion Garden, Reece Hart and Des Pringle.

Meanwhile, the company has reported to shareholders that stock numbers were well up over the past season.

The company is spending $1.6 million to expand its beef processing at Finegand near Balclutha.

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