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PPCS seeks more time

By Chris Hutching

Thursday 17th April 2003

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Southern meat co-operative PPCS returned to court yesterday in an attempt to extend its takeover offer for listed Richmond a further 60 days.

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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