Last buses leaving soon ...
Quote:
Originally Posted by
macduffy
I'm still interested in the company. Might be tempted back yet!
;)
That time too will be here soon mate! Best of luck and good investing ...
got it, agria wants more...also new directors, cool go for it
BEIJING -- (Marketwire) -- 11/19/09 -- Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), today announced its intention to participate in PGG Wrightson's (NZX ticker PGW) fully underwritten pro rata renounceable rights issue.
PGG Wrightson announced today its intention to raise NZ$180.7 million through a fully underwritten pro rata renounceable rights issue. PGG Wrightson's shareholders will be entitled to subscribe for nine new shares for every eight shares held by such shareholders on the record date of November 26, 2009. The issue price for the new shares is NZ$0.45 per share. A Simplified Disclosure Prospectus for the issue has been registered by PGG Wrightson with the New Zealand Companies Office and is available on its company's website www.pggwrightson.co.nz. Copies of the prospectus will be mailed to eligible PGG Wrightson shareholders from November 27, 2009 to November 30, 2009.
Agria will be eligible to participate in the rights issue with respect to the 41.1 million shares it will receive by way of the placement announced on October 16, 2009, which will entitle Agria to subscribe for 46.2 million shares in the rights offer at an aggregate price of NZ$20.8 million.
The share issue and related agreements will result in a realignment of shareholdings between PGG Wrightson's existing cornerstone shareholders, Rural Portfolio Investments Limited (RPI) and Pyne Gould Corporation Limited (PGC), and Agria.
RPI currently has a shareholding of 27.5 percent and has undertaken to sell to Agria 56.8 million of the rights due to it under the rights issue. Agria intends to take up these rights at an aggregate issue price of NZ$25.6 million. Of their remaining rights, RPI has indicated to PGG Wrightson that they will take up at least 2.7 million rights. Upon completion of the rights issue, it is expected that RPI will have an equity interest of at least 11.8 percent in PGG Wrightson.
PGC, which currently has a shareholding of 20.7 percent of PGG Wrightson, has committed to take up all of its entitlement under the issue. Upon completion of the issue, PGC will have an equity interest of approximately 18.3 percent in PGG Wrightson. The reduction from the present holding of 20.7 percent to 18.3 percent reflects dilution resulting from the placement of PGG Wrightson shares to Agria referred to above.
As a result of Agria's participation in the rights issue and intention to exercise rights purchased from RPI, Agria is expected to reach a shareholding of 19.0 percent in PGG Wrightson. Agria will be entitled to nominate up to two directors to PGG Wrightson's Board following the completion of the rights offer.
Agria also intends to subscribe for convertible redeemable notes (CRNs) in PGG Wrightson to the amount of approximately NZ$32.5 million. The CRNs placement is expected to be completed in January 2010. The proceeds from the CRNs will be invested as new capital into PGG Wrightson Finance Limited, a wholly-owned subsidiary of PGG Wrightson, to enhance its regulatory capital and provide greater liquidity for its future growth.
The New Zealand Government has approved Agria's investment, following a review by the New Zealand Overseas Investment Office.
About Agria Corporation
Agria Corporation (NYSE: GRO) is an innovative China-based agri-solutions provider focusing on research and development, production and distribution of three different types of upstream agricultural products. Its diversified portfolio of products comprises corn seeds, sheep breeding and seedlings, including proprietary products. For more information about Agria Corporation, please visit www.agriacorp.com.
countdown begins for cum rights buyers
Quote:
Originally Posted by
flyingfox
RPI currently has a shareholding of 27.5 percent and has undertaken to sell to Agria 56.8 million of the rights due to it under the rights issue. Agria intends to take up these rights at an aggregate issue price of NZ$25.6 million. Of their remaining rights, RPI has indicated to PGG Wrightson that they will take up at least 2.7 million rights. Upon completion of the rights issue, it is expected that RPI will have an equity interest of at least 11.8 percent in PGG Wrightson.
Tick GFC receding
Tick Global population exponential growth expected
Tick Agricultural commodities to boom
Tick Low interest rates
Tick FTA NZ US
Tick FTA NZ Asia
Tick Foot in the door in china
Tick NZ OIC approves Agria action
Tick PGC cap raising
Tick SFF sorted
Tick RPI sorted
Tick Fonterra payout up
Tick PGW bank debt noose cut
Tick New board
Tick Attractive rights price
Tick, tick, tick, tick...
Let's hope some vital lessons were learnt. Everyone makes mistakes, that is forgiveable. Repeating them is not ...