Ralec shareholders file $41m counterclaim against NZX

The founders of the Australian-based Clear Grain Exchange have filed a $41 million counterclaim against NZX as part of a defence to a damages claim brought against them by the stock exchange operator.

Ralec shareholders Grant Thomas and Dominic Pym have filed a $41 million counterclaim against stock exchange operator NZX as part of their defence to a claim brought against them by NZX seeking damages arising out of the purchase by NZX of the Clear grain business in 2009.


In a statement to the market this morning, NZX says past media comments by Mr Thomas mention various sums – the most common being $A17 million.

“NZX does not consider that these latest sums, or the claims they represent, have any more legitimacy than earlier amounts indicated by Ralec shareholders via the media,” NZX says.

NZX filed a lawsuit against Clear co-founders Grant Thomas and Dominic Pym and their Ralec companies on July 5, alleging breach of warranty and other connected claims relating to its purchase of Clear in October 2009.

In November, Mr Thomas and Mr Pym went to the High Court in Wellington to protest the jurisdiction of the New Zealand courts, arguing the case should be heard in Victoria, Australia, where they both live. The men also wanted the NZX claim against them dismissed. They lost on both issues.

NZX has not yet determined the extent of its damages claim.

The founders of the Australian-based Clear Grain Exchange will challenge the jurisdiction of the New Zealand courts to hear NZX’s lawsuit against them relating to a sale and purchase (© Copyright Protected - The National Business Review 96)agreement.

NZX filed a lawsuit against Clear co-founders Grant Thomas and Dominic Pym and their Ralec companies on July 5, alleging breach of warranty and other connected claims relating to its (© Copyright Protected - The National Business Review 30)purchase of Clear in October 2009.

The founders of the Australian-based Clear Grain Exchange will challenge the jurisdiction of the New Zealand courts to hear NZX’s lawsuit against them relating to a sale and purchase (© Copyright Protected - The National Business Review 96)agreement.

NZX filed a lawsuit against Clear co-founders Grant Thomas and Dominic Pym and their Ralec companies on July 5, alleging breach of warranty and other connected claims relating to its (© Copyright Protected - The National Business Review 30)purchase of Clear in October 2009.