Wednesday, 31 July 2019 07:55

Payout for PGW shareholders

Written by  Nigel Malthus
Rodger Finlay. Rodger Finlay.

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. 

More like this

Wool auctions back in action

Wool trading on both sides of the Tasman is back up and running after a cyberattack on industry software provider Talman.

Wet spring softens PGW’s result

A wet spring across the country and a delayed recovery were largely the reason for a softer half-year result for PGG Wrightson (PGW).

Featured

Longest running ag field days all go

The South Island Agricultural Field Days, held in Kirwee on the outskirts of Christchurch, will celebrate its 70th year in March 2021 with a bigger demonstration area.

 

New Feds man keen to build

New Feds board member, William Beetham wants the organisation recognised for its significant contributions to NZ farming and society as a whole.

National

Machinery & Products

New tractor fills the gap

Deutz Fahr has introduced the new 8280 TTV, which is aimed at filling the gap between its current 7 and…

» Latest Print Issues Online

The Hound

Burn!

OPINION: This old mutt had to have a giggle at the dig Feds recently made at the Green Party in the…

Why?

OPINION: Your canine crusader was aghast to read that the prices of zucchini and cucumbers rose more than 30% in…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter