Start of a turnaround?
In another sign of improving agribusiness sentiment, two listed companies have lifted their forecast earnings for the year.
PGG Wrightson shareholders should receive the proceeds of the sale of its seeds business in the coming few weeks.
Almost all (99.95%) voted for this at a special shareholders meeting on July 23 that considered two resolutions.
The first resolution was the proposed distribution of about $234 million of capital back to shareholders, at 31 cents a share.
The money is from the $421m sale of PGW Seeds to Danish seeds giant DLF, decided by the board a year ago and approved by PGW shareholders in October.
PGW chairman Rodger Finlay noted the shareholders’ strong support for the cash distribution.
“We will now make application to the High Court seeking final orders to implement the scheme,” Finlay said.
“Assuming orders are made by the court, we would expect the scheme to be implemented and payment made to shareholders in early August.”
The second resolution sought shareholders’ support to revoke and amend PGW’s constitution to comply with new NZX listing rules. Voting was 98.82% in favour.
Meanwhile, former chief executive Ian Glasson stepped down at the end of May following the successful settlement of the seeds business sale.
Stephen Guerin took on the role in an internal appointment from June 1.
“Settlement of the sale of the seed and grain business was a significant milestone for PGW and will result in some material changes for the business,” Finlay said.
Boutique Waikato cheese producer Meyer Cheese is investing in a new $3.5 million facility, designed to boost capacity and enhance the company's sustainability credentials.
OPINION: The Government's decision to rule out changes to Fringe Benefit Tax (FBT) that would cost every farmer thousands of dollars annually, is sensible.
Compensation assistance for farmers impacted by Mycoplama bovis is being wound up.
Selecting the reverse gear quicker than a lovestruck boyfriend who has met the in-laws for the first time, the Coalition Government has confirmed that the proposal to amend Fringe Benefit Tax (FBT) charged against farm utes has been canned.
Holstein Friesian excellence was front and centre at the 2025 Holstein Friesian NZ (HFNZ) Awards, held recently in Invercargill.
The work Fonterra has done with Ballance Agri-Nutrients Ltd, LIC and Ravensdown to save farmers time through better data connections has been recognised with a national award.
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