Court lifts suspension on NZFP shares
PA Auckland The quotation of the shares of N.Z. Forest Products, Ltd, on the New Zealand and Australian stock exchanges will continue on Monday.
In the High Court at Auckland yesterday, Mr Justice Barker granted Forest Products an interim injunction which restrains the exchange from suspending trading in the company’s shares. The chairman of Forest Products, Mr L. M. Papps, said last evening that at the end of a meeting of the directors in Auckland yesterday, the company had applied for an injunction to restrain the Stock Exchange and this had been granted. Trading in the company’s shares should therefore continue normally, he said, and the intended decision of the Stock Exchange would not, in the meantime, affect the company’s proposed takeover of Wattie Industries, Ltd.
The interim injunction is effective until Thursday. The Stock Exchange announced on Wednesday that it would suspend quotation of Forest Product shares from Monday. The company was said to be in breach of the take-over code of the exchange’s listing requirements. The exchange has also called a special meeting of its council for Tuesday at which a proposal requiring sharebrokers to stop trading in the shares will be discussed. The executive director of the Stock Exchange, Mr R. B. W. Gill, confirmed the injunction last evening. He said that it prevented the implementation of the proposed suspension of quotation of Forest Product
shares on Monday, stopped the exchange from forbidding members to deal in the company’s shares, and required the exchange to advise Australia of the injunction. Mr Gill said that, as far as he knew, it was the first time an injunction had been made on a stock exchange in New Zealand. The vice-president of the exchange, Mr Michael Greene, said from Christchurch last evening that Tuesday’s meeting of the exchange council will go ahead. He said that a further meeting was planned on Wednesday to discuss “administrative matters connected with Forest Pro- , ducts.” He declined to elab'orate further.
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Press, 21 January 1984, Page 1
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332Court lifts suspension on NZFP shares Press, 21 January 1984, Page 1
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