Richhold board looks to Richmond for director

HASTINGS - Richhold, the farmer company set up to wrest the Richmond meat company from corporate control, wants to appoint a Richmond employee to its board of directors.

James Aitken, one of three founding Richhold directors, said the company had provided for five directors. A fourth had been appointed - Manawatu farmer and businessman Ian McKelvie - and ideally the fifth would be from Richmond.

A Richmond employee block owns about 10 per cent of the North Island meat processor.

Other big shareholders are HKM Nominees, 67 per cent-owned by South Island heavyweight Primary Producers Cooperative Society (PPCS), Affco shareholder Peter Spencer with 10 per cent through his Toocooya Nominees, and the Waitotara Farmers Holding Company.

Richhold emerged this month to block a takeover by PPCS, which wants 51 per cent of Richmond.

Mr Aitken, a former Richmond director, said Richhold had acquired at least 5.9 million Richmond shares, or more than 14.5 per cent of the company.

- NZPA