I have sold half my pgw at 48cents. It looks good on fundamentals but I have to respect the price action, like why havn't insiders being buying. On the trades over the last few days I don't see big buyers taking the selling price.
Yesterday I think a seller sold 600,000 just before the close to the buy orders. Now the buy orders look real weak. Could be a double bottom at 45cents.
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Nice announcement today as below, but no buyers on it
ASSET: PGW: PGG Wrightson Continues Expansion in Australia
PGW
23/11/2010 14:00
ASSET
REL: 1400 HRS PGG Wrightson Limited
ASSET: PGW: PGG Wrightson Continues Expansion in Australia
PGG WRIGHTSON CONTINUES EXPANSION IN AUSTRALIA
PGG Wrightson Seeds Australia Pty Ltd, a subsidiary of PGG Wrightson Ltd, has
purchased the assets of Keith Seeds Pty Ltd, effective 22 November 2010.
The Group General Manager of PGG Wrightson's, AgriTech Division, John
McKenzie, said the purchase would extend the growth of the company's
operations in Australia, where PGG Wrightson Seeds have been established for
almost seventy-five years. "It will build on our existing presence in South
Australia, and bring further technical and logistical capability that will
complement our other operations."
Keith Seeds Pty Ltd is located in the town of Keith in South Australia.
Keith is the centre of the largest small seeds production area in the
Southern Hemisphere.
PGG Wrightson Seeds Australia's Keith-based business will be built around
three key market segments:
- Pasture seed production and marketing of proprietary and commodity
Lucerne and Annual Legume products. Keith Seeds exports approximately 40% of
all the Lucerne grown in Australia.
- Food grade pulses (peas, beans, lentils) production, processing and
distribution into international markets, primarily Asia.
- Seed processing, cleaning and logistics through a new purpose built
4,800m2 processing facility in Keith.
This acquisition comes after the recent announcement that PGG Wrightson Seeds
have purchased the Corson Grain maize seed business in New Zealand. The
Corson maize seed business complements the existing New Zealand forage seed
and maize businesses and now with Keith Seeds provides PGG Wrightson Seeds
with enhanced food and pasture seed export opportunities, while boosting the
Australian business' domestic distribution capabilities.
PGG Wrightson Seeds will be employing a range of South Australia-based
production, processing and logistics personnel following the purchase. "We
are expanding our production capability in South Australia to reflect our
growing requirement for pasture and pulse seeds."
For further information contact:
John McKenzie
Group General Manager
PGG Wrightson - AgriTech Division
+64 3 372 0822