Takeovers Panel Finds Kerifresh Parties Have Not Complied With Code


09 November 2007

The Takeovers Panel held a meeting in Auckland on 7 November 2007 to consider a number of matters raised in a complaint to the Panel relating to Kerifresh Limited. This follows an earlier meeting of the Panel held on 16 October 2007.

The Panel determined, for the purposes of section 32(3) of the Takeovers Act 1993:

  • That it was not satisfied that Jonathan McHardy complied with rule 6 of the Takeovers Code when he with Hamish McHardy, as trustees of the Murrayfield Trust, acquired 597,316 shares of Kerifresh on 29 May 2002;
  • That it was not satisfied that Lawrence Fletcher complied with, is complying with, or intends to comply with, rule 6 of the code, in relation to his offer to acquire up to 500,000 voting rights in Kerifresh (of which 181,000 have already been acquired or have been contracted to be acquired);
  • That it considered that Jonathan McHardy and Hamish McHardy have contravened the Code by being directly, and knowingly concerned in, or a party to, the contravention of the Code by Lawrence Fletcher detailed above.

The Panel will publish its statement of reasons for these decisions as soon as possible.

The Panel also made a number of restraining orders which expire on 30 November 2007.

The full text of the Panel's determination and the detail of the restraining orders are detailed on the Panel's website at www.takeovers.govt.nz