Rural shares on offer

PGC currently holds around 68% of PG Reid Farmers but is proposing to place up to 13 million of its shares to reduce its stake to around 55%.

The company says 3 million shares have been reserved for allocation to clients and shareholders of PG Reid Farmers, Pyne Gould Guinness and Pyne Gould Corporation.

The remaining shares have been reserved for clients of Forsyth Barr and Forsyth Barr Frater Williams.

The price for the shares is $1.12 with a prospectus due soon.

Previously Pyne Gould Corporation held 44% of Reid Farmers but this stake increased to 68% when its rural arm, Pyne Gould Guinness, merged with the Dunedin-based REI.

Under the merger agreement Reid Farmers issued 44 million shares to Pyne Gould in consideration for the acquisition of its rural trading business and changed its name to Pyne Gould Reid Farmers.

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