Positive signals but challenges remain
PGG Wrightson (PGW) chief executive Stephen Guerin says that while there are positive signals within the market, there are also challenges.
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.
Among the regular exhibitors at last month’s South Island Agricultural Field Days, the one that arguably takes the most intensive preparation every time is the PGG Wrightson Seeds site.
Two high producing Canterbury dairy farmers are moving to blended stockfeed supplements fed in-shed for a number of reasons, not the least of which is to boost protein levels, which they can’t achieve through pasture under the region’s nitrogen limit of 190kg/ha.
Buoyed by strong forecasts for milk prices and a renewed demand for dairy assets, the South Island rural real estate market has begun the year with positive momentum, according to Colliers.
The six young cattle breeders participating in the inaugural Holstein Friesian NZ young breeder development programme have completed their first event of the year.
New Zealand feed producers are being encouraged to boost staff training to maintain efficiency and product quality.
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