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PGG Wrightson sells stake in NZ Merino to farmers
PGG Wrightson sells stake in NZ Merino to farmers
PGG Wrightson Limited has today (1 June 2011) announced the conditional sale of its 50% shareholding in The New Zealand Merino Company Limited (NZ Merino) to Merino Grower Investments Limited (MGIL), which will put 100% of the company in the hands of its grower shareholders.
The transaction is conditional on, among other things, MGIL shareholder approval. On the basis that MGIL shareholder approval and other conditions are confirmed it is expected settlement will take place on 30 June 2011.
PGG Wrightson Managing Director George Gould, said the agreement supports the vision of merino growers to determine their own destiny through gaining outright control of NZ Merino.
The $7,625,000 purchase price for PGG Wrightson's 50% shareholding in NZ Merino was based upon an independent valuation prepared by PricewaterhouseCoopers.
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