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Legal Action Raised in Christchurch Boardroom

17 December 2003

NEW ZEALAND – As reported by the New Zealand Herald: "The stakes have been raised in a boardroom stoush at Christchurch Casino with a major shareholder threatening legal action to return chief executive Arthur Pitcher to the board.

"Pitcher, the casino's managing director since it opened in 1994, is at the centre of a governance wrangle involving the possible sale of UK-based Aspinall's 31 per cent stake in the business.

"According to the casino's chairman, Barry Thomas, Pitcher has been stood down from the board, but remains as the company's chief executive, to `put him in a neutral position' because Aspinall has been in discussions with SkyCity over the sale of its shareholding.

"…On the threat of an injunction to return Pitcher to the board, Thomas said: `We took serious legal advice before we took the actions we did last week and we are comfortable with the process we've undertaken. Our position hasn't changed.'…"

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