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RICHMOND CHAIRMAN KEEPING HIS SHARES AHEAD OF PPCS BID.
(From New Zealand Press Association)
Wellington, Jan 27 NZPA - Richmond's board has recommended shareholders accept a takeover bid from rival PPCS, but the chairman is holding onto his shares.
PPCS is offering $3.05 per share and in a statement to the stock exchange today, the board recommended the offer in the absence of a higher bid.
Chairman Sam Robinson made no recommendation to shareholders, but said t he circumstances behind the offer, including last year's litigation and its outcome, ``raised issues over and above those of pure financial value''.
``Those issues have had widespread publicity, and I believe that shareholders may in …
