Strong Milk Price Boosts PGG Wrightson Earnings
Strong farmgate milk price is helping boost investment on farms, says PGG Wrightson chief executive Stephen Guerin.
In a statement to the NZ Stock Exchange, PGW says its two largest shareholders voted against their re-elections without outlining reasons for doing so at its annual general meeting this morning.
Following the AGM, remaining PGW directors, U Kean Seng, Dr. Charlotte Severne and Wilson Liu met and resolved to reappoint former director, John Nichol to the board.
Nichol was a PGW director and a member of the audit committee from 22 October 2013 to 30 April 2019.
Nichol’s appointment addressing the governance requirements of having two resident New Zealand directors in compliance with the NZX Listing Rules and a board of four directors in accordance with PGW’s constitution.
The statement says the board planned to reconvene in the coming days and expected to make further announcements in relation to the composition of Board committee composition and other governance related matters.
According to PGG’s 2025 annual report, Agria Singapore holds a 44% stake and is the largest shareholder. Australian agricultural trader Elders is the second largest shareholder with a 12.5% stake.
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Founder of Agria Corporation Alan Lai stepped down from the PGW board in 2018, following investigation for alleged securities law breaches in Singapore. In February last year, he tried to remove Moore and other directors but withdrew the motion.
PGW shares fell 7c to $2.50 after news of the board changes.
