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Must be time for a complete take over by ATM at a discounted price. Lol
Trying to find details of the appeal at the moment. I'm selling most my holding this morning. I took longer to convince than the likes of beagle and friends but I'm coming around to their thinking.
If the appeal to supreme Court doesn't overturn then those effected by the land decision may seek damages from sml
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Yeah, it could be 1:2 scrip bid shortly the way things are going....and to think these two were matching share price pace, stride for stride at one stage last year.
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The original high court decision:
https://forms.justice.govt.nz/search...206346e58e.pdf
Basically (from my quick read through) there's some land that was subject to covenants that it stay as farming land because Winstone were going to develop a quarry nearby. They never did that, the land was rezoned Industrial 2 and other factories (Hynds concrete and Yashili dairy) have now been built on it or nearby. The high court decided that because of the rezoning and the changing nature of Pokeno it wasn't reasonable to continue the covenants. Apparently only a small part of Synlaits land extends into the area affected by the covenant. The owner of the original Winstone site seems to think he can have it rezoned residential and naturally wants to protect the rural outlook.
So it will most likely come down to an issue of "how much $ do you want to go away". They've already argued about compensation here:
https://forms.justice.govt.nz/search...206346e58e.pdf