Takeovers panel to meet on Richmond

1.15pm

The Takeovers Panel said today meat processor Richmond may have breached the Takeovers Code in relation to PPCS' takeover offer.

The panel held a meeting last Friday on to discuss the possible breach and today said it would hold a private meeting on July 22.

The meeting would be held to determine if Richmond had violated the code by issuing a target statement on July 6 which had not been certified by its chief financial officer.

The panel said it had held discussions with Richmond about the statement, which did not seem to comply with the code in a number of respects.

"As a result Richmond is to release a supplementary correcting statement shortly," the panel said in a statement.

But the panel was still concerned that the company issued the document without its CFO's signature.

On Friday PPCS moved a step closer to full ownership of Richmond, with the acquisition of a 12.57 per cent stake in the company from North Meats.

PPCS already owned 63 per cent of Richmond . If it gets 90 per cent of Richmond through its $3.11 per share offer, a compulsory takeover for the remaining shares will be sparked.

The offer was sweetened last week when Richmond's directors recommended the payment of a special 22 cent dividend if the takeover goes ahead, to use up imputation credits.

PPCS' offer closes on July 27.

Richmond shares were unchanged at $3.20 at midday today.

- NZPA