Court order to restrain Paladin
Anglo Chinese Corporate Finance has announced that a client, Sword Finance, has obtained an order in the Supreme Court of Bermuda, restraining Paladin from holding any shareholders’ meetings.
Paladin, which is involved in a reverse take-over of New Zealand Equities, was due to hold an annual meeting on Monday in Hong Kong, a meeting that was cancelled last month because it was alleged not all shareholders had received a notice of meeting.
New Zealand Equities’ managing director, Mr Peter Francis, said from Hong Kong last evening, that Paladin’s lawyers would be heading back to the Bermuda court today to fight the injunction.
Although based in Hong Kong, Paladin is registered in Bermuda.
Mr Francis said that the order papers had not been served on Paladin, nor would Anglo Chinese let Paladin see the papers used in obtaining the court order. Paladin’s lawyers had not been in court when the order had been obtained, he said. Essentially, it has been a battle for control of Paladin, with Laisee Co., a Hong Kong investment company, attempting to thwart the reverse take-over. Paladin already holds 95 per cent of New Zealand Equities, with the offer closing yesterday. Anglo Chinese has been acting for Laisee.
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Press, 21 October 1989, Page 35
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206Court order to restrain Paladin Press, 21 October 1989, Page 35
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