Posts tagged "PGG Wrightson"

PGG-Wrightson takes profit hit

[28 February/Otago Daily Times] PGG-Wrightson (PGW) has reported a decrease in profit after its soon-to-be-sold Seed and Grain division delivered an $8.6 million loss, resulting in first half profits$320,000. The sale of the division should give PGW a $210 million cash surplus for the company. Ian Glasson, PGW Chief Executive expects EBITDA for the full...

Rural sector gives thumbs down to capital gains tax

[21 February/NZ Herald] Various spokespeople from within the rural sector have reported their disapproval of the capital gains tax (CGT) recommended by the Tax Working Group. CGT targets assets such as land, shares, investment properties, business assets and intellectual property. One commentator said the tax would limit farmers and the way they grow their businesses...

Seed business sale approved by commissions

[15 February/Rural Life] Approval by the Commerce Commission has been given to Denmark-based DLF seeds to purchase PGG Wrightson’s seed and grain business. This was due to the commission being satisfied that the acquisition would not be likely to substantially lessen competition in any of its markets. The Australian Competition and Consumer commission also gave...

Agria found guilty of fraudulent accounting by US Stock Exchange commission

[21 December/Stuff] Agria Corporation, a Chinese-owned company, formerly the majority owner of PGG Wrightson, has been found guilty of fraudulent accounting by the United States Securities and Exchange Commission. Following the SEC announcement, the Overseas Investment Office has ordered Agria to sell down its 50.2 per cent interest in PGG Wrightson to 46.5 per cent....

PGG Wrightson shareholders vote to sell

[30 October/Stuff Business] PGG Wrightson’s shareholders have voted 96.9% in favour of selling the Group’s seed division to Danish company, DLF Seeds. The sale will see the company receive around $413 million, of which $292 million will be paid out to shareholders. Company deputy chairman, Trevor Burt, said that the PGW will remain a sustainable...

Shareholders Association voting against PGG Wrightson’s $421 million deal

[23 October/NZ Herald] The New Zealand Shareholders’ Association has said that it will vote against the deal to sell PGG Wrightson’s seed division to DLF Seeds, a Danish co-operative.  While the lobby group recognises that the offer is attractive at face value, particularly given the $292 million capital return it will trigger, it notes the...

PGG Wrightson net profit down, performance strong

[15 August/The Country] PGG Wrightson posted full-year operating EBITDA of $70.2 million, which was an increase on last year’s figure of $64.5 million. Net profit after tax of $18.9 million was down on last year’s $46.3 million. PGG Wrightson Deputy Chairman, Trevor Burt, said the significant increase in EBITDA was pleasing. The company declared a...

Global seed group confirms PGG Wrightson interest

[5 July/NBR] Barenbrug Group confirmed its interest in PGG Wrightson’s seed unit. PGG Wrightson had hired First NZ Capital and Credit Suisse Australia to help with a strategic review. This can be seen as a move to invite offers from buyers for part or all of the company. Barenbrug is an innovative market leader with...

Farmers facing toxic swede harvest

[16 April/NZ Herald] Farmers in Southland and Otago have found themselves growing crops of potentially toxic swede, following a human error by PGG Wrightson, a seed wholesaler, which meant more than 500 farmers were inadvertently growing the same variety of swedes that were linked to the deaths of hundreds of dairy cows in 2014. Farmers...

Seed company will compensate

[7 April/Rural Life] PGG Wrightson sold seeds linked to the deaths of hundreds of dairy cows in 2014. Farmers were sold the wrong swede seed leading to the deaths. They said an investigation showed an error in the supply chain and the wrong line of seed had been processed. Human error led to 556 farmers...

PGG Wrightson ‘open to options’ amid strategic review

 [15 March/The Country] PGG Wrightson was open to options after hiring First NZ Capital to complete a strategic review of the business. It has been rumoured in the Australian Financial Review that the merchant bankers were getting non-disclosure documents signed by interested parties ahead of a planned auction of the company, which is controlled by...

Strong first half from PGG Wrightson

[28 February/Otago Daily Times] PGG Wrightson had posted its best first-half EBITDA result in a decade, and PGW Chairman, Alan Lai, said that he expected the strength to continue, forecasting operating EBITDA to exceed 2017’s result and be in the $65 to $70 million range. An interim dividend of 1.75c per share was announced to...

Error has farmers growing crop linked to cow deaths

[23 February/The Country] Many farmers in the Southland and Otago regions were sold the wrong seed, and had accidentally grown crops linked to the death of hundreds of dairy cows in 2014. PGG Wrightson Seeds General Manager New Zealand, David Green, said they noticed the bulb colour was white as opposed to yellow, which prompted...

Overseas Investment Office investigates PGG Wrightson owner Agria’s ‘good character’

[11 January/ NZ Farmer] The OIO has confirmed that it is investigating whether Agria, the 50.22% owner of PGG Wrightson, is off good character given its delisting by the New York Stock Exchange, the company’s public statements that it had received subpoenas from the US Securities and Exchange Commission and allegations made against the company...

Dairy Goat Co-operative earns $193m in revenue last season

[14 November/Stuff] Dairy Goat Co-operative (DGC) grew its revenue by $16 million to $193 million last season, helped by strong European markets. Outgoing DGC Chief Executive Tony Giles said the performance was in keeping with DGC’s growth over the past four to five years and was due to significant investment in market development globally. Mr...

Lift in Waikato dairy farm listings as ageing farmers look to exit

[16 November/Stuff] A cold and wet spring has stunted the rural real estate market despite a significant increase in dairy farm listings in Waikato. A quiet winter selling period, tighter bank lending criteria, potential changes to the Overseas Investment Act and appalling North Island weather made showcasing any farms on the market challenging. PGG Wrightson...

High-end Norwegian merino clothing manufacturer targets high-country farmers

[20 November/Stuff] Two representatives from Devold, a high-end Norwegian merino clothing company, visited the livestock pavilion at the Canterbury A&P show. Since last year Devold has sourced merino wool from five South Island stations. Devold Chief Executive Cathrine Stange said the stations were taken on as partners. Stations include Armidale from Central Otago and Blairich...

Lamb prices keep farmers smiling

[5 October/ New Zealand Herald] PGG Wrightson Agent and Auctioneer Neil Common said lamb prices were very solid all month. Mr Common added that prices are higher than last year without reaching the $200 tipping point. Most pens made between $125 and $155 all month while lesser types made up to $120. The yardings increased...

Weather hits PGW’s profit results

[9 August/ NZ Herald] PGG Wrightson Chairman Alan Lai said the company’s full-year profit was very positive. PGG Wrightson announced operating earnings before interest, tax, depreciation and amortisation of $64.5 million for the year to June, down $5.7 million on last year’s figure. After-tax net profit was $46.3 million, up from $43.8 million the previous...

Shed serves up lessons on value of wool

[26 June/ NZ Farmer] New Zealand wool takes centre stage every year at the Championship at Wimbledon, as all 54,000 tennis balls used at the event are covered in felt made from nine tonnes of NZ sourced wool.  The wool is woven into felt in the UK before being shipped to the Slazenger factory in...

Crossbred wool prices cheaper still

[19 June/ Otago Daily Times] New Zealand’s cross bred wool sector is facing real challenges heading into the new season with brokers indicating returns are likely to be well below sustainable levels. The last season saw the market meltdown with seemingly no bottom according to the PGG Wrightson wool team. Reserve prices have not been...

PGG Wrightson chief executive to step down

[14 June/Radio NZ] PGG Wrightson Chief Executive Mark Dewdney will step down at the end of this year to pursue private interests. The company is currently seeking a replacement and expects a new chief executive would be hired by the start of 2018. PGG Wrightson announced -year operating earnings are expected to be in the...

PGG posts tough first half profits

[21 February/ Radio New Zealand] New Zealand’s largest rural services firm, PGG Wrightson, announced flat half-year profit as soft commodity prices have seen farmers keep a close focus on their cheque books. PGG Wrightson’s December 2016 half-year profit of $16 million is unchanged from the prior year. The company attributes this figure to a revenue...

Unhappy Agria shareholders threaten class action over delisting

 [20 February/ NZ Herald] The majority owner of PGG Wrightson, Agria Corp, has been delisted from the New York Stock Exchange leading to shareholders in the company to threat class action. Agria, which controls 50.22% of PGG Wrightson’s shares, was subject to a NYSE investigation last year when the exchange announced that a ‘top executive...