PGG Wrightson Merger Approval Gained
PGG Wrightson Merger Approval Gained From RPIS Redeemable Preference Shareholders
Debt markets have today demonstrated strong support for the proposed merger of Pyne Gould Guinness and Wrightson.
In a vote to approve the merger and related matters by the holders of the NZDX listed Redeemable Preference Shares issued by Rural Portfolio Investments Securities Limited (RPIS), over 99 percent of those who voted endorsed the proposed merger.
RPIS is the financing subsidiary of Rural Portfolio Investments Limited, which owns 50.01 percent of the shares in Wrightson.
Approval from the Redeemable Preference Shareholders is a condition of the merger proposal, and the satisfaction of this condition is a positive step toward the merger becoming a reality.
Wrightson shareholders will vote on the merger proposal at a special meeting next Wednesday 21 September, and PGG shareholders on Friday 23 September.