Wednesday 4th May 2011
|Text too small?|
Pyne Gould Corporation (PGC) says it has been paid nearly $40 million by the Chinese firm Agria as part of that company's partial takeover of its rural company PGG Wrightson.
PGC said today that it was paid $39,993,603.60 - representing the sale of 66,656,006 shares - on Monday, after Agria (Singapore) Pte scaled the acceptances for its offer.
Agria sought to buy 38.3% of the shares in PGG Wrightson - in conjunction with Chinese company New Hope and Ngai Tahu Holdings - to take its stake to 50.01%.
The acceptances received would have taken Agria's shareholding to 77.15%.
During the deal, Hamilton-based dairy farmer-owned cooperative Livestock Improvement Corporation (LIC) made a $10 million loan to Agria Singapore, to support the PGG Wrightson agri-tech businesses, of seeds, agri-feeds and grain.
LIC later said it would invest directly in a separate agri-tech business - if one was ever established - rather than in the wider Wrightson operations, which include rural supplies, real estate, livestock and finance.
No comments yet
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto