Start of a turnaround?
In another sign of improving agribusiness sentiment, two listed companies have lifted their forecast earnings for the year.
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.
OPINION: Irate Southland farmers are on the money denying anglers access across their land.
Over 400 of New Zealand’s stalwart kiwifruit growers gathered in Mount Maunganui this week for a celebration to recognise three major milestones in the industry’s history.
While unrecorded in New Zealand, Bluetongue, an acute viral disease in ruminants, is endemic in tropical and sub-tropical climates.
She came all the way from a sheep station in Tasmania especially to be presented with the top prize in this year's Massey University agriculture, horticulture and environmental science award.
Massey University is tweaking the format of its agricultural courses.
A second Federated Farmers executive has been elected to the DairyNZ board.
OPINION: The Reserve Bank’s rate cut is great news, albeit a bit late, but your old mate agrees with Act…
OPINION: While the Government’s Fast Track bill is copping it from all the usual suspects – opposition parties, greenies, unions…