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.
Hai will remain a board member while U Kean Seng becomes acting chair from today. PGW also announced that independent director, Sarah Brown would assume the role of deputy chair.
The announcement comes only a week after PGW board told the NZ Stock Exchange that they had decided it was appropriate for Hai to continue as a director and chair of PGW. Hai had abstained from taking part in the board discussion.
On June 30, PGW announced that Hai had been charged in Singapore under certain Singaporean securities regulation in respect to potential lapses in relevant disclosures related to a Singaporean listed company, Hyflux Limited. Hai is a director of Hyflux.
“The PGW board has considered matters and understands that Hai is defending these charges.
“The PGW board has agreed with Hai that it is currently considered that the charges and related investigations do not compromise the performance of Hai’s duties in relation to PGW.”
However, this morning’s announcement to the NZX says that while the PGW board has not altered its preliminary view as expressed on 30 June, it has determined that it would be in the best interests of PGW for Seng to assume the role of acting chair while the investigations and charges relating to Hai remain ongoing.
According to PGW’s website, Hai has been a director of the company since 2017 and chair since July last year. Hai was appointed an independent director of Agria Corporation in 2018. Agria, a global agricultural company, owns 44% of PGW.
Hai has more than 30 years’ experience in accounting and auditing. He was a partner of an international public accounting firm in Singapore until his retirement from the firm in 2012, it says.
