Transpacific Industries Sued for $4.6m By Founder
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FacebookShares of waste management company Transpacific Industries Group (TPI) rose by 0.5 cents to 80.5 cents today after its former founder and executive chairman Terry Peabody filed a legal action to the company claiming $4.6 million of damages yesterday. Peabody is suing his former company regarding its equity raising.
The former founder is raising allegations related to TPI's institutional shortfall bookbuild that was conducted in late October last year and alleging that it breached its contracts with the Peabody entities. Transpacific launched a bid to raise $309 million last October in fresh equity to help in major refinancing package. TPI raised $267 million from its institutional component and $44 million more from retail shareholders.
"Transpacific denies any liability and intends to defend the proceedings vigorously," said the company in a statement.
In the most recent annual report, Peabody holds 18 per cent stake of the Transpacific or 176.3 million shares.
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