SI meat company buys into Richmond

The price is a 60 cent improvement on Wednesday's close of $2.40.

A notice to the stock exchange this morning confirmed PPCS has purchased around 4.1 million shares in Richmond from Toocooya Nominees for $3.00 and another 820,000 shares off market.

That gives PPCS a 13.32% holding in Richmond and the company has announced it also wants to buy another 1.4 million shares at $3.00.

The on-market offer is trading under the code RHDZ and the stand will close at the end of trading on Friday, although for holdings of 1000 shares or less the offer will remain open for a further week.

PPCS says in the event of the offer being oversubscribed it will scale or accept oversubscriptions at its discretion.

Hastings-based Richmond last week announced an interim profit of $13.3 million, up from $9.8 million previously.

However pre-tax operating profit for the half year increased by just $200,000 to $14.9 million despite sales jumping from $573.5 million to $696.5 million.

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