T&G files proceedings against shareholders of Kerifresh who breached the Takeovers Code
Turners & Growers (Horticulture) Limited, a wholly-owned subsidiary of Turners & Growers Limited, has today filed a Statement of Claim in the High Court in respect of breaches of the Takeovers Code by certain shareholders (and their associates) of Kerifresh Limited. The breaches were identified by the Takeovers Panel in its determinations of 18 October and 9 November 2007 (which can be reviewed at www.takeovers.govt.nz).
T&G is seeking recovery of its costs and damages suffered when the breaches of the Takeovers Code forced it to suspend its takeover offer for Kerifresh, and forfeiture of shares by those persons who breached the Takeovers Code. To the extent that the Court does not order forfeiture in respect of all such shares, T&G is seeking that the balance of such shares be sold, with the gain made on sale being paid to the former shareholders of Kerifresh who sold their shares to the persons who acquired those shares in breach of the Takeovers Code."