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

 

PGG Wrightson's Independent directors to keep tabs on Agria


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

to editor
By Paul McBeth

Jan. 12 (BusinessDesk) - 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)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Employment:Slow Track For Most Contentious Labour Law

The government will announce a timetable for legislating a range of long-signalled labour law changes but is placing its intention to introduce new Fair Pay Agreement legislation on a slower track to allow consultation with both employers and trade unions. More>>

ALSO:

NZ's Space Programme: Rocket Lab's Successful Launch

Science Media Centre: Rocket Lab successfully launched its Electron rocket and deployed satellites into orbit Sunday afternoon, a milestone for the company and New Zealand's fledgling private space industry. More>>

ALSO:

BusinessDesk: Body massages and Uber are in, DVDs are out, says Stats NZ

Statistics New Zealand has rejigged the consumers price index basket in its latest three-year review, adding body massages, Airbnb and Uber and removing DVD and Blu-Ray players…More>>

ALSO:

StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal

In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>>

ALSO:

Digital Futures: New Chief Technology Officer Role Created

Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>>

Real Estate: NZ house sales slump in December but prices still firm

The number of property sales across New Zealand slumped 10 percent in December from a year earlier but prices continued to lift, according to the Real Estate Institute. More >>

ALSO: