PDL back in limelight

PDL shares have been trading at $8.00, a jump of $3.25 on yesterday's close.

Included in this morning's trades have been a parcel of 465,000 shares and another of 253,000.

PDL has just under 13.6 million shares on issue, the majority of which are owned by the Stewart family.

Schneider first made a move on PDL in February this year when it went to the market to acquire 15% at $5.20 a share and soon upped its target to 19.99%.

Hong Kong-based Gold Peak also began building a stake in the company but Schneider took legal proceedings against Gold Peak in March alleging a breach of obligations under the Securities Amendment Act.

Schneider wanted Gold Peak to be ordered to divest shares in PDL and the High Court at Wellington ruled in the French company's favour last Friday.

In an announcement this morning Gold Peak says the process by which it is required to sell the shares is being formulated.

Director of investment banking at PricewaterhouseCoopers, Jim McElwain, who advised Schneider on its original market stand, would this morning not comment on any current activity except to say that a Substantial Security Holder notice is expected to be released to the market later today.

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