In what would be the last throw of the dice, Guinness Peat Group (GPG) is considering directly petitioning the Privy Council to hear its case against Perry Corporation.
Representing GPG, Raynor Asher, QC, confirmed a petition may be submitted, after the Court of Appeal yesterday declined GPG conditional leave to appeal to the London-based Privy Council.
The court agreed to delay issuing a written judgment for seven days, to allow GPG to consider a petition.
It declined on the basis that the interests of GPG were too remote to be examined by the Privy Council.
An “appeal of right” was not available and the court did not consider the case of sufficient public importance to warrant being heard by the Privy Council.
After the hearing, Perry counsel Alan Galbraith described the case as “a long haul”, and said he was relieved it was “basically over”.
“We think it’s the correct decision and believe it would be an exceptional circumstance for a petition to succeed,” Mr Galbraith said. “It’s also a relief it’s over as now our client can get on with commercial interests.”
The Court of Appeal ruling was made by a bench of president Justice Gault and Justices Blanchard and Glazebrook.
It follows an appeal court judgment early last month that found United States fund manager Perry Corporation did not breach disclosure rules when it entered into equity swaps allowing it to buy back shares in Rubicon at short notice.
The saga began when GPG bought 19.8 per cent of Rubicon in July 2002.
Subsequent events included:
* GPG was told by Rubicon that $US10 billion US hedge fund, Perry Corp, held 16% of Rubicon.
* Perry told a shocked GPG it had sold its stake, but had an economic interest in it through equity swaps which did not require disclosure.
* Perry unwound the equity swaps and got its shares back.
* GPG went to the High Court to try to oust Perry as a shareholder.
* The High Court ordered Perry to sell and forfeit most of its shares — cutting its stake to 7.2%.
* Perry appealed and the Court of Appeal set aside the High Court ruling, leaving Perry with its 19.8% Rubicon stake.
* GPG went back to the High Court seeking leave to go to Privy Council, but failed — leaving the remote chance of a last-ditch direct petition.
GPG sought leave to appeal on grounds that the appeal involved:
* Directly or indirectly a question (or claim) respecting property; and/ or
* a civil right of the value of $5000 or more.
