PGG Wrightson directors keep tabs on Agria
PGG Wrighston's independent directors have reconvened a committee to monitor the OIO's review of controlling shareholder Agria Corp's "good character" status.
12 January 2018
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.
Mr Irvine said in a statement the committee had been aware the OIO was monitoring the matter and confirmed the good character probe with the government agency on Thursday.
"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," he said.
The committee would 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 per cent of Wrightson through Agria (Singapore).
It was delisted from the NYSE in January last year after the stock market operator found evidence 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 per cent over the past year.
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