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PPG Wrightson shares go into trading halt

Friday 20th November 2009

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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.co.nz

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