Hoggard shifts Nufarm stake

By Phil Boeyen, ShareChat Business News Editor

Thursday 28th June 2001

Nufarm (NZSE: NUF) chairman Kerry Hoggard is no longer a substantial holder in the Australian-based company after moving his shares to New Zealand.

Mr Hoggard previously held his 5.5 million Nufarm shares via the Falls Creek Group, which also holds the shares of managing director, Doug Rathbone.

Mr Hoggard's shares have now been transferred to a New Zealand holding company, Lawrence Holdings, although the Falls Creek Group has retained its pre-emptive rights over the stock.

Doug Rathbone's interest, which amounts to 37.66 million ordinary shares or just over 24% of the company, remains within the Falls Creek Group.

Nufarm announced earlier this week that it planned to delist from the New Zealand Stock Exchange to increase liquidity in its stock in Australia.

It says around a quarter of trading in its shares is done by New Zealanders, but by combining the trades under one listing in Australia it would have more chance of re-entering the benchmark S&P/ASX 200 index.

It believes this move will return more value to shareholders than having a dual listing.

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