Panel to Convene Meeting on Rural Portfolio Investments Limited's Complaint Against Wrightson Limited

 

22 June 2004

Rural Portfolio Investments Limited has asked the Takeovers Panel to convene a meeting under section 32(1) of the Takeovers Act 1993 relating to certain actions allegedly taken by the directors of Wrightson Limited in response to RPI's partial takeover offer which closes on 23 June 2004.

The Panel has considered RPI's request and decided to hold a meeting on 28 June 2004.

RPI alleges that certain behaviour on the part of Wrightson's directors, particularly that:

    • in relation to the announcement of discussions with Fonterra Co-operative Group Limited and its subsidiary RD1 Limited concerning the amalgamation of RD1's and Wrightson's rural supplies divisions, and also
    • in relation to the processing of acceptances of RPI's partial offer,

constitute "defensive tactics" for the purposes of rule 38 of the Takeovers Code.

The meeting will be held at 9.30 a.m. on Monday 28 June 2004 in Wellington. The meeting will be a private meeting.

The Panel has not issued any interim restraining orders.

The notice of meeting is published on the Panel's website at www.takeovers.govt.nz