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PGG Wrightson's independent directors reform committee to keep tabs on Agria probe

Friday 12th January 2018

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PGG Wrighston's independent directors have reconvened a committee to monitor the Overseas Investment Office's review of controlling shareholder Agria Corp's 'good character' status. 

The committee, comprised of Bruce Irvine, John Nichol and Ronald Seah, was first set up early last year to consider the implications of Agria's delisting from the New York Stock Exchange and an ensuing probe by the US Securities and Exchange Commission. Irvine said in a statement that the committee had been aware the OIO was monitoring the matter and confirmed the 'good character' probe with the government agency yesterday. 

"A spokesperson for Agria has also commented that it has always made full disclosure to the OIO and will continue to assist the OIO with any inquiries," Irvine said. The committee will keep monitoring matters and "update the market if there are any material developments that may require disclosure and consideration by PGW shareholders." 

Agria indirectly owns 50.2 percent of Wrightson through Agria (Singapore). It was delisted from the NYSE in January last year after the stock market operator found evidence the company's managers were inflating the share price to meet the minimum requirement, while the SEC subpoenaed Agria in December 2015 over the firm's Chinese operations. 

Wrightson shares last traded at 57 cents and have gained 12 percent over the past year. 

(BusinessDesk)

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