2degrees and Tex to make up?

TOM PULLAR-STRECKER
Last updated 14:06 16/11/2012

Related Links

2degrees must keep paying Edwards

Relevant offers

Industries

Kupe royalties deal boosts NZOG Question time for Mainfreight shareholders? Oil exec junket needed: Govt New Zealand expands into skinny wine Canterbury's building surge may be levelling West Coast miners expand prospects Two short-listed for $200m school jobs $20m CBD property portfolio must be sold Auckland storm costly for insurers Air NZ passenger numbers rise

2degrees and its co-founder Tex Edwards are understood to be making a fresh attempt to resolve their differences through mediation.

An Employment Court hearing that had been scheduled to take place at the end of October has been pushed back to early next year, but will not take place if the parties first settle out of court.

The Employment Relations Authority ruled last month that 2degrees wrongly reduced Edwards' salary from $350,000 to $200,000 and backtracked on an agreement to provide him with share options in 2008, setting Edwards up for a $1 million-plus pay-out.

Still at issue was whether 2degrees unfairly dismissed Edwards when it disestablished his job as "company strategist" earlier this year.

Prior to the latest mediation, Edwards filed a separate High Court action against 2degrees, claiming he was unfairly treated as a shareholder.

That case, should it proceed, would centre on whether Edwards should have been offered loans on the same favourable terms offered to fellow minority shareholder Huataki Trust to purchase new shares in the company.

Edwards is being represented in the High Court case by Auckland law firm Carter & Partners. Brent O'Callaghan from the law firm said no date had been set for a hearing.

Ad Feedback

- BusinessDay.co.nz

Comments

Special offers

Featured Promotions

Sponsored Content