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Oyster Bay is returning to court to fight Peter Yealands Investment (PYIL), which lost to Delegat's Wine Estate in a battle for control of the Marlborough vineyard launched in May 2005.
PYIL yesterday served legal proceedings against Oyster Bay and Delegat's. Delegat's owns 50.1 per cent of Oyster Bay, and PYIL 4.8 per cent. "These proceedings are an attempt ... to relitigate PYIL's complaints about grape supply contracts and grape prices already dismissed by NZX and the Takeovers Panel," said Oyster Bay chairman Bill Falconer.
In its annual result yesterday, Oyster Bay said legal costs fell to $276,000 from $853,000 a year earlier and were offset by insurance and cost recoveries of $354,000. Annual net profit halved to $446,000.
