The Takeovers Panel said today that shareholders in Northland fruitgrower Kerifresh contravened the Takeovers Code, and continued restraining orders against them.
The shareholders ruled in breach of the code were Kerifresh managing director Alan Thompson; director Hamish McHardy and his company Sundry Investments Ltd; former director Graham Cowleyand his company Iron Hills Vineyards Ltd; and Emma Jane Eastwood and her company Anbran Trustee Company Limited.
The panel also said Mr Thompson was directly involved in a contravention of the Takeovers Code by Anbran and Ms Eastwood, and Mr McHardy was directly involved in a code breach by Mr Cowley, Iron Hills, and Mr Thompson.
The panel will make orders for costs and meet shortly to consider remedies in respect of the transactions.
The restraining orders, which expire on November 8, prevented the parties from trading in Kerifresh shares, and exercising their shareholder voting rights.
Kerifresh was also restrained from registering any transfers or transmission of Kerifresh shares to or from any of the parties.
A complaint to the panel was made by listed Turners and Growers, which gave notice of a full takeover offer for Kerifresh on October 1.
Turners complained about various transactions in Kerifresh shares since 2002.
Kerifresh produces lemons and other citrus fruit at Kaipara in Northland. It is not listed but is subject to the takeover code because of its size and number of shareholders.
