By Chris Hutching
Friday 21st February 2003 |
Text too small? |
Napier lawyer Robin Bell who has led most of the legal challenges to PPCS has sold all his 100,283 shares while William Richmond has sold more than half his 253,340 shares, and other members of the group have also sold shares in differing proportions, according to the share register.
Buyers who have picked up Richmond shares over the past week include UK-owned North Meats, which now has 10.5%, and North Island meat processor Graham Lowe, with 9.9%.
Many of the transactions have been off-market.
Mr Bell denied there was anything hypocritical in the stance of his group because the letter to farmer suppliers posted in a Hawke's Bay newspaper did not urge other shareholders to take any particular action.
It was carefully worded and merely pointed out to shareholders the consequences of accepting the PPCS $3.05-a-share offer, Mr Bell said.
The letter said PPCS could not succeed in its takeover unless it obtained at least another 25% of Richmond shares.
PPCS now has 54% and with the North Meats and Lowe Holdings at just over 20%, the chances of PPCS succeeding will be close, depending on the aims of the major shareholders.
PPCS says it has received favourable replies from about 300 of the 2000 Richmond shareholders, mainly in Hawke's Bay, but many shareholders are expected to wait until the last minute in case a competing offer emerges.
The PPCS takeover offer has been extended until March 7 and company executives continue to meet Richmond farmer shareholders to assuage concerns about continuing relationships with the company and whether they will continue to enjoy a competitive level of payment for supplying stock.
No comments yet
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained
Devon Funds Morning Note - 23 April 2024