Scoop has an Ethical Paywall
Wrightson shareholders sign off on finance unit sale
Wrightson shareholders sign off on finance unit sale
June 28 (BusinessDesk) – Shareholders in rural services firm PGG Wrightson Ltd. have approved the sale of its finance unit to Heartland New Zealand Ltd.
Of those Wrightson shareholders who voted, at 99.5% were in favour of the sale, though there were 72.6 million abstentions representing about 13% of the firm’s stock.
The approval paves the way for Heartland to spend $100 million and take on $352 million of debt in listed bonds and debentures for the loan book valued at between $400 million and $430 million.
Wrightson will carve out $96.5 million of non-performing loans into a special purpose unit to refinance or realise those assets in the short- to medium-term. It will also provide a $30 million guarantee on certain assets sold to Heartland.
The rural services firm will help fund the sale through a $10 million private placement as part of a $55 million capital raising. Pyne Gould Corp. will also subscribe to shares in a separate placement.
Wrightson shareholders also signed off on Ngai Tahu Capital Ltd. taking a 7.24% stake in Agria Asia Investments Ltd., a company related to Wrightson’s controlling parent.
Shares in Wrightson dropped 2% to 48 cents in trading today, and have declined almost 11% this year.
(BusinessDesk)
Air New Zealand: Air New Zealand And Cathay Pacific Welcome New Zealand Ministerial Approval To Extend Partnership
Bill Bennett: Spark looks to bigger phone bundles for ARPU refresh
Greenpeace: New Anchor Butter Owner Must Go Palm Kernel-free
Science Media Centre: What To Expect From COP29 – Expert Reaction
Infrastructure New Zealand: Unlocking ‘Lazy’ Capital To Build New Infrastructure For Our Future
Parrot Analytics: Paramount Earnings - Can Ellison Strike The Right Balance?
