PGW revises earnings guidance as farmer spending drops
Rural trader PGG Wrightson has revised its operating earnings guidance, saying trading conditions have deteriorated since the last market update in February.
The board of rural trader PGG Wrightson Limited has agreed to call a special meeting demanded by its largest shareholder.
In a NZX filing yesterday afternoon, PGW says it will issue a notice of meeting at the relevant time together with appropriate information for shareholders about the matters to be addressed at the meeting.
Agria Singapore, which holds a 44% stake in PGW, is seeking a special shareholders meeting where it wants to overhaul the PGW board – removing directors Garry Moore, Sarah Brown and Charlotte Severne. It is proposing to appoint former PGW chairman Alan Lai, Wilson Liu, Vena Crawley and Traci Houpapa as new directors.
PGW says following receipt of the notice on the afternoon of 8 February 2024 PGW promptly sought to engage with Agria in relation to the matters outlined in the notice and sought advice from its external lawyers, Chapman Tripp.
“The PGW board convened on 12 February and 13 February to discuss the notice and has continued to liaise with Agria to explore whether Agria would withdraw the request to enable a more constructive board transition to take place.
“Following further dialogue today, Agria has this afternoon confirmed that it will not withdraw the notice requesting that a special shareholders meeting be convened and accordingly PGW is preparing for a shareholders meeting.”
Lai, founder of Agria Corporation, stepped down from the PGW board in 2018, following investigation for alleged securities law breaches in Singapore.
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.
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