Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Wrightson finally gets $25M Crafar Farms loan repaid

Wrightson finally gets $25M Crafar Farms loan repaid

Dec. 3 (BusinessDesk) - PGG Wrightson, New Zealand’s largest rural services company, has finally received repayment of loans over the Crafar Farms of about $25 million following the sale of the properties to China’s Shanghai Pengxin Group.

The repayment was slightly above expectations, Wrightson said. Crafar Farms was placed into receivership in 2009 by a syndicate of lenders, including PGG Wrightson.

The sale process became bogged in intrigue as the first buyers ended up facing fraud charges in Hong Kong and the successful bidder had to await a politicised decision from the Overseas Investment Office.

“Following a protracted sale process the receivers have now concluded the sale of the Crafar Farms assets and have distributed proceeds to the syndicate of lenders,” Wrightson said.

The Crafar Farms loans made up the bulk of the $29 million of outstanding loans Wrightson retained in its PGW Rural Capital unit after the sale of PGG Wrightson Finance to Heartland Building Society last year.

Shares of Wrightson last traded at 36 cents and have fallen 5.3 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Starts Talks On Tougher Rules For Property Speculators

The Reserve Bank of New Zealand is stepping up preparations to restrict lending to residential property investors as it watches house prices, particularly in Auckland, continue to rise strongly. More>>

ALSO:

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news