Busy schedules may delay Lion ruling

By DITA DE BONI

The reactivated Stock Exchange committee deciding on Montana Group's ownership may have to take a raincheck on its deliberations this week.

The original committee - retired High Court judge Sir Ian Barker, retired Court of Appeal judge Sir Duncan McMullin and Bill Wilson, QC - could have to postpone their ruling on Lion Nathan's penalty for breaching takeover rules until they can find the time to get together.

Mr Wilson is a director of Air New Zealand and, as such, will be in extensive board meetings today.

Sir Duncan is tied up with the national inquiry into the operations of the electricity market.

The Stock Exchange has said it will co-opt additional members to the committee if more manpower and expertise are needed.

As well as reconvening to consider Lion Nathan's penalty for its rule-breaking purchase of Montana shares in February, the committee will also look at a counter-claim by Lion Nathan that questions Montana chairman Peter Masfen's sale of his 19 per cent holding to Allied Domecq.

A provisional timetable for the committee's deliberations is expected this week.