PPG Wrightson shares go into trading halt
Nov. 20 (BusinessWire) – Shares in PGG Wrightson Ltd., the country’s biggest rural services company, have been put on a
trading halt pending an announcement later today.
The company said it will make an announcement today with a media and analyst briefing to be held at 12pm, in what’s
expected to be the completion of its $150 million capital injection. A reshuffle of Wrightson’s board is also on the
cards.
Wrightson has been searching for a cornerstone investor after it secured agreement from its banks in August to increase
its facilities by about $150 million and extend the term of its debt.
It’s still waiting on approval from the Overseas Investment Office in regard to the 13% stake taken by Chinese-based
seed and agricultural research company Agria for $36 million.
The shares sank 7.1% to 65 cents on the NZX in trading yesterday.
(BusinessWire)