Ngai Tahu Holdings Partners With Global Giants

MEDIA RELEASE – EMBARGOED UNTIL 5.30pm FRIDAY 15 APRIL 2011

NGAI TAHU HOLDINGS – PARTNERS WITH GLOBAL GIANTS

Ngai Tahu Holdings has today announced the further diversification of its investment base by taking a cornerstone shareholding in PGG Wrightson ((PGW)) through its investment in a new joint venture.

This is good news for the rural sector as it continues to target global growth opportunities.

The company has confirmed that it has finalised negotiations with Agria Singapore Pte Ltd (Agria) and Chinese multi-billion dollar company New Hope Group (New Hope) to take an equity stake in Agria’s holding company.

Agria is the vehicle that launched the partial takeover offer for PGW which is New Zealand’s largest rural services company.

Ngai Tahu plans to take a $15m cornerstone shareholding in the joint venture vehicle between the Agria group and New Hope, which in turn owns the Agria vehicle that has made the partial takeover offer for PGW.

Agria, has now received conditional acceptances so that once the takeover offer completes it will be the majority shareholder in PGW. In line with the normal requirements of such a transaction, the involvement of Ngai Tahu Holdings is subject to PGW shareholder approval of its participation. The intention is to seek this over the next six to eight weeks.

Agria was a 19.01% shareholder in PGW and announced on 23 December 2010 that it would make a partial takeover offer for an additional 38.3% of the shares in PGW not already held by Agria for a consideration of NZ$0.60 per share.

Agria has now received conditional acceptances so that with its existing shareholding once the takeover completes (and the remaining conditions are satisfied) it will hold 50.01% of PGW.

Ngai Tahu Holdings is an inter-generational investor with a particular focus on South Island commercial, tourism, seafood, property and rural ventures.

The business is one of New Zealand’s quiet achievers and is committed to supporting growth in the rural sector through global partnerships and relationships as a result of this transaction.

Chairman of Ngai Tahu Holdings, Trevor Burt says the proposition makes good commercial sense and is a further opportunity for the company to diversify its portfolio of investments and grow and build global relationships.

“Ngai Tahu Holdings believes this proposition further supports the company’s emerging rural strategy which is in its early and trial stage. Ngai Tahu Holdings is working on the development of an environmentally sustainable rural business model that reflects the values of the Ngai Tahu culture operating under the strictest of environmental practices and philosophies.”

Ngai Tahu Holdings has full confidence in the Board and management of PGW under the stewardship of new Managing Director George Gould and supports its strategy for growth.”

Chief Executive Greg Campbell says the stake is less than 2% of Ngai Tahu’s portfolio and creates a number of significant long-term opportunities and relationships – particularly in the Chinese market. Ngai Tahu already has a strong presence in China through its tourism and seafood businesses and this investment will further enhance that strategy.

“This is an extremely valuable proposition from a strategic and relationship perspective and it is great to be able to announce this joint venture particularly given the recent tragic events in Christchurch.”

“Like many, we believe strong businesses support strong communities and help to build strong families. Taking this opportunity forward during these difficult times is within the true meaning of kia kaha – be strong – and it is important to us that Ngai Tahu Holdings remains a strong and viable company with a global outlook despite the devastating events of recent times.”

Backgrounder:

About Agria
Agria Corporation (NYSE: GRO) is a China-based company with investments in the agricultural sector. For more information about Agria Corporation please visit www.agriacorp.com

About New Hope
New Hope is one of China’s largest agricultural and food corporations. The Group has revenue in 2010 of approximately RMB 60 billion (equivalent to approximately NZ$12.1 billion) and operates throughout China and in South-East Asia. New Hope Group has four large business units – agriculture and food (accounting for 85% of revenue), chemicals and resources, real estate and financial businesses.

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