Active Equities to slice up its meat shares

By PAULA OLIVER

Former Brierley executives, Bruce Hancox, Paul Collins and Patsy Reddy, are selling part of their stake in Richmond to fellow meat processor PPCS.

In the deal, Active Equities will sell 49 per cent of its subsidiary - Hawkes Bay Meat - to the Dunedin-based meat processor.

The move comes as North Meats, a unit of British meat magnate Bernard Matthews, is also struggling for control of Hawkes Bay-based Richmond.

North Meats' latest notice to the Stock Exchange offered between $3.10 and $3.70 a share for up to 60 per cent of the meat processor. PPCS offered between $3.10 and $3.65.

North Meats is unable to buy shares off the market until tomorrow, preventing it from clinching a deal with Active Equities, which holds a 36 per cent stake in Richmond.

Active Equities was under pressure to sell before the July 1 introduction of the takeovers code, which would force buyers to make an offer to all Richmond's shareholders.

Richmond's directors have fended off two PPCS takeover attempts in the past three years. Behind one of the battles was farmer group Richhold, which holds around 9 per cent of Richmond.

Richhold's members are thought to be sitting tight until after the takeover is settled.