PPCS seeks more time

PPCS has succeeded in attracting just over 6.6 million shares of the total nine million it needs for control of Richmond.

The most recent extension on the $3.11 offer ends on April 20. Based on the current level of acceptances PPCS would have 68.6% of Richmond's capital but a forfeiture order by the High Court would reduce this to 34% of the voting securities.

The court move yesterday was the latest in a five-year battle for control of Richmond, which has been stoutly resisted by farmer shareholders implacably opposed to PPCS.

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