Board upheaval at PGW
The board of rural trader PGG Wrightson Limited has agreed to call a special meeting demanded by its largest shareholder.
Almost all (99.95%) voted for this at a special shareholders meeting on July 23 that considered two resolutions.
The first resolution was the proposed distribution of about $234 million of capital back to shareholders, at 31 cents a share.
The money is from the $421m sale of PGW Seeds to Danish seeds giant DLF, decided by the board a year ago and approved by PGW shareholders in October.
PGW chairman Rodger Finlay noted the shareholders’ strong support for the cash distribution.
“We will now make application to the High Court seeking final orders to implement the scheme,” Finlay said.
“Assuming orders are made by the court, we would expect the scheme to be implemented and payment made to shareholders in early August.”
The second resolution sought shareholders’ support to revoke and amend PGW’s constitution to comply with new NZX listing rules. Voting was 98.82% in favour.
Meanwhile, former chief executive Ian Glasson stepped down at the end of May following the successful settlement of the seeds business sale.
Stephen Guerin took on the role in an internal appointment from June 1.
“Settlement of the sale of the seed and grain business was a significant milestone for PGW and will result in some material changes for the business,” Finlay said.
