By Chris Hutching
Friday 8th August 2003
|Text too small?|
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.
No comments yet
MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite