Wool Equities Limited announced that it has been advised by the Wool Board
Disestablishment Company Limited (DisCo) that Saxmere Company Limited, The
Escorial Company Limited and two other plaintiffs (Saxon) representing
certain Saxon merino wool growers, had their Notice of Application for
Special Leave to bring Civil Appeal and Urgent Interim Orders in the Supreme
Court granted. DisCo is the first respondent in those proceedings.
The Supreme Court approved the application for Special Leave on the grounds
that the decision of the Court of Appeal in Wool Board Disestablishment Co.
Ltd v Saxmere Co. Ltd should be set aside because of a reasonable
apprehension of bias resulting from the Court of Appeal Judge''s relationship
with one of DisCo''s legal counsel.
However, the Supreme Court further advised that if Saxon were to succeed with
the above appeal, it is unlikely the Supreme Court would then hear an appeal
against the unanimous Court of Appeal decision which dismissed all of Saxon''s
claims against DisCo, having earlier decided that it does not meet the leave
criteria under the Supreme Court Act 2003. In such circumstances, the Supreme
Court advised that the appropriate course would seem to be for the Supreme
Court to direct the matter to be reheard in the Court of Appeal.
Wool Equities will make a further announcement regarding the hearing date and
proposed further distribution of Wool Board cash reserves by DisCo once it is
in a position to do so.
For further information contact:
James West
Company Secretary
Wool Equities Limited
Phone 027 296 4402
End CA:00172665 For:WEL Type:GENERAL Time:2008-11-11:08:41:10