Suspension put on trading in K.P. shares

Press, 4 July 1978, Page 2

Suspension put on trading in K.P. shares

The Stock Exchange Asso-, ciation of New Zealand has < suspended trading in the : shares of the Dunedin-based ' fertiliser and drug firm Ji Kempthome Prosser and Company, Ltd. The association said that its president (Mr M. Hay, of 1 1 Auckland) had been offered; confidential information in! explanation of K.P.'s refusal! to register transfers. J ‘This offer has been refused on the ground that the; association may act only on published reasons,” the asso- | ciation said in its daily !< memo. "However, consideration i of delisting will be delayed i until later this month when 1 it is expected that the con-1 fidential information referred!' to, will be made public in pending Court actions. "Quotations of K.P. ordi-p nary and preference shares L are therefore suspended,”,, the association said. The suspension relates to J the refusal of K.P. to regis-J ter share transfers, appar-: ently to supporters of the, Ravensdown Fertiliser Com-, pany which is seeking to: take over K.P. I'

The association last week called on K.P. to show acceptable reasons why all transfers should not be registered. K.P. has pointed out that its articles of association, approved by the stock exchange in their revised form in 1971, provide for the K.P. board to refuse to register share transfers, and to give no reason for doing so. The general manager of K.P. (Mr S. E. Smith) said that there was no action K.P. could take at present on the suspension. The company could do nothing before a court action set down for the week beginning on July 17. This hearing is an application by K.P. to place restrictions on Ravensdown share activities, as a variation to a bid by Ravens|down and Brierley Investments to nullify a share swap between K.P. and N.Z. Fanners Fertiliser. Mr Smith said no date had been set for the main hearing on the Brierley-Ravens-down move.