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26 February 2003
The Takeovers Panel has made preliminary enquiries into a recent transaction involving the allotment of shares totalling 28.5% of Gould Holdings Limited to various members of the Rutherford family of Canterbury.
Gould Holdings Limited holds 24.69% of the voting rights in Designer Textiles (N.Z.) Limited. In addition the Rutherford family hold some 8.8% of the voting rights in Designer Textiles in three separate holdings.
The Panel considers that members of the Rutherford family, by acquiring shares in Gould Holdings Limited, may be deemed by rule 6(2)(b) of the Code to be controllers of the Designer Textiles' shares held by Gould Holdings Limited.
If so, that deemed acquisition of voting rights may not have complied with the Code as it would have increased the Rutherford's aggregate control of voting rights in Designer Textiles to 33.5%.
The Panel will hold a meeting in Wellington on Monday 3 March 2003 to determine whether to exercise any of its powers in relation to the allotment of shares in Gould Holdings Limited to members of the Rutherford family. The meeting is a private meeting.