Montana tapes handed over

Friday 20th April 2001

Lion Nathan's broker, Credit Suisse First Boston, has handed over to the committee of inquiry tapes and transcripts of conversations between its dealers and institutional shareholders in Montana.

The Stock Exchange-appointed committee is investigating claims by Montana that Lion breached listing rules when it launched an overnight raid on Montana on the night of February 8.

Committee spokesman David Quigg said the bulk of the tapes had been received and the legal teams representing Montana and Allied Domecq, which was beaten to the draw by Lion, could have access as soon as they signed confidentiality agreements.

The interested parties will meet the committee in Auckland next Friday. A timetable has been put in place for submissions and a hearing will be held on May 5 and 6.

The committee will determine whether CSFB and Lion bought Montana shares before midnight on February 8, in breach of the terms of a waiver granted by the exchange's market surveillance panel.

If so, Lion can be ordered to sell its Montana shares, or Montana can sell the shares to another party.

Comments from our readers

No comments yet