Curious
Why did REL want to own a minority stack in PGG Wrightson in the first place?
As Percy has pointed out,it will be interesting to see what REL employ the funds into
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Curious
Why did REL want to own a minority stack in PGG Wrightson in the first place?
As Percy has pointed out,it will be interesting to see what REL employ the funds into
More being crossed...
275 855,823 11:37 SP
I must be a bit thick, because from where I sit it is far from clear. 855,823 shares is approximately 1% of PGW shares. So add to that the just over 7% of PGW already traded at $2.75 and it still doesn't reach 10%. 10% is needed for a blocking stake. So whoever is buying isn't there yet, if that is the goal. Apart from the Agria stake, the share register is widely distributed.
Looking back at the share register as reported in AR2019, the only single holder left with 855,823 shares to sell is Masfen Securities Limited. But why would Masfen agree to sell only 2/3 of his shares at $2.75? For that reason I don't think Masfen would have sold.
ACC had 653,354 shares. Not enough, but they may have accumulated more since reporting date. It might be ACC selling? Big institutional investors would not sell at less than an imminent takeover offer price. So are we looking at a takeover offer of $2.75 coming soon? If that is the end goal, why does the potential bidder not make a full bid now? I guess it would increase the credibility of a bid if they had H&G and ACC 'on board' in advance?
What today's action does show is that the buyer is not a white knight for Alan Lai and Agria. If that were the case, there would be no need to buy more PGW shares on the market today.
SNOOPY
https://www.nzx.com/announcements/351925
Details of the buyer...Beijing Holdings BAIC Ltd. (“BHBL”)
Here is what Mr Wiki knows
https://en.wikipedia.org/wiki/BAIC_Group