Originally Posted by
Snoopy
I for one am very grateful for Agrainvestor keeping us informed of what is happening at Agria on this thread. Agria at last reporting date had 5 directors in total, three of whom were independent.
Joo Hai Lee 59 Independent Director
Sean Shao 58 Independent Director
Wah Kwong Tsang 63 Independent Director
The last name on that list should be familiar, because he is also a director of PGW! Consequently I think it will be highly relevant to this thread exactly what Wah Kwong Tsang signs off as the 'fair value' of PGW today in any independent report, valuing Agria.
Agria's external turnover for FY2015 (YE 30th June, same balance date as PGW) was $US944.714m. Using the 30th June 2015 NZD to USD exchange rate:
$USD944.714m x 1.462 NZD/USD = $NZD1,381.2m
Now, turnover for PGW that year was $NZD1,202.835. (Note that PGW is fully consolidated into the accounts of Agria). By turnover then, PGW makes up
$NZD1,202.835/ $NZD1,381.2m = 87% of the activity of Agria.
So you can see that Agria is largely a leveraged US listed proxy for direct investment in PGW. Accordingly, whatever goes on at Agria is highly relevant to PGW and IMO discussion on Agria should not be on a separate thread.
SNOOPY