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Disputed PDL stake goes to tender

By Phil Boeyen, ShareChat Business News Editor

Monday 28th May 2001

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Just over 2% of shares in electrical business PDL (NZSE: PDL) are to be put up for tender following the court decision ordering Hong Kong-based Gold Peak to sell part of its holding.

Gold Peak has been told to divest 284,000 shares, which it acquired in March after fellow PDL shareholder Schneider alleged the company had breached the Securities Amendment Act.

The two companies have now agreed to appoint broker J B Were as the agent to sell the disputed holding.

J B Were says it intends conducting a contested tender for the shares to ensure the highest possible price, with unconditional binding bids accepted up to June 21.

The French and Hong Kong interest in PDL has seen its shares soar from around $4.00 earlier in the year to recent trades of above $10 per share.

Schneider currently holds around 27% of the company and Gold Peak has about 9%. The Stewart family holds most of the remaining shares.

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