PPCS wins holding battle

South Island meat company PPCS has won the battle over its shareholding in Hawkes Bay-based rival Richmond, with the Court of Appeal declining an application to take the case to the Privy Council.

A group of Richmond shareholders, the Bell group, had challenged PPCS' takeover and sought leave from the Appeal Court to have the case heard by the London-based Privy Council.

Representing PPCS, Alan Galbraith, QC, said the Bell Group's appeal to have the case heard in London was not justified as a "question of great general or public importance".

After hearing submissions, Appeal Court president Justice Thomas Gault said the court was not satisfied it warranted a further appeal to the Privy Council.

Speaking after the hearing, PPCS chief operating officer Keith Cooper said he was extremely pleased with the judgment.

"It means we can just about start to get on with our strategy for Richmond," Cooper said.

"And if everything goes well, we can get on with working and prospering together."

PPCS appeared to have won the struggle for control of Richmond in October when the Appeal Court awarded it 63 per cent of the company.

A small group of shareholders, however - the Bell Group - applied to the court for a stay of its decision and prepared to seek leave to appeal to the Privy Council.



- NZPA