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Whats up with PGW's notice of AGM today. Meeting is to held on the 24th of Oct. Statute requires at least four weeks of notice. Here they have given less than three. Add to that there seems to be a mass exodus of the board.


I have seen this happen before. Typically it indicates a board at war with each other over different proposals from different interest groups.


This has all the hallmarks of that being the case. Especially when a PR like this comes out. Worth noting Prime Minister John Key and Finance Minister Bill English head up the Primary Growth Partnership at AgResearch and PGW are co-managers of the Bio-Pacific Ventures fund with AgReseach.


PGG Wrightson gets government backing in $14.6M seeds research

Thursday 4th October 2012



PGG Wrightson, the New Zealand rural services group controlled by China's Agria, has won government backing for a $14.6 million research programme that aims to improve seed quality and plant species.


The government will invest $7.15 million over six years through its Primary Growth Partnership fund in a Wrightson-led initiative to lift animal productivity and reducing environmental impacts, the Ministry for Primary Industries said in a statement. The balance will be picked up by Wrightson and its research partners.


The programme seeks to establish faster and more reliable pasture, increase pasture productivity and persistence, cut greenhouse gas emissions, improve animal health and lower susceptibility to summer droughts.


"Co-funding of these projects by government and industry is what PGP is all about," Primary Industries Minister David Carter said in a statement. "Every New Zealander stands to gain from innovative investment in the primary sector because our food, fishing, fibre and forestry industries are pivotal to the success of the economy."


Wrightson's seeds business was widely seen as the attraction for China's Agria Corp taking a controlling 50.01 percent stake in the company in a $144 million deal. Its agri-tech unit, which has been building its seeds business, increased revenue 3.6 percent to $435 million, though earnings fell 21 percent to $30.1 million in the latest financial year.


Derek Woodfield, PGG Wrightson Seeds general manager of research and development, said the funding will let the company build a suite of new technology to keep New Zealand farmers internationally competitive.

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I can't understand why there has been no SSH notice issued on last Fridays trades.


Furthermore, the new CEO of LIC pedigree is the same company that brought us Matrix the Bull. The genetically engineered stud that caused cows to have hair and no tails. In the end it was put down and LIC refused to accept liability.


The GE interest will be the factor that brought him to PGW and their seed business.


I just hope he does better in the GE seed business than he did with Matrix the Bull.

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A sting indeed according to the NBR.


Makes me laugh when you have all these internet number crunches chewing the fat on every micro detail in the accounts in order to come up with a valuation that meets their investment thesi. They spend years on it with their head so far up their ass they can't see the forest for the trees or make a basic sniff test.


I've always wondered what their actual purpose is.

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Still no market response to what the company is saying will be a capital return to shareholders. Maybe the market doesn't believe them.


There should be some response to them paying off the debt at least, but no, nothing they do can make the slightest bit of difference.


Might be time to get bought out.

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