Originally Posted by
Snoopy
Time to hit the dump button then Doc. You should have read the fine print in the 'Simplified Disclosure Prospectus'. Have a look on page 50 and check out note (d).
"Brazil farm acquisition - PGG Wrightson has a commitment to settle on a farm purchase in Brazil as part of its strategy of further developing its South American markets. The settlement date is subject to the issue of certain government clearances , which are assumed to have been achieved by the end of January 2010. For the purposes of the Prospective Financial Statements , $0.8m has already been paid this year, with the remaining $13.5 million assumed to be settled in January 2010."
SNOOPY
P.S. I am not too concerned with this tentative PGW Brazilian expansion myself. PGW first leased a small beef finishing farm in Uruguay back in 2001. That was to demonstrate the productivity improvements that could be achieved with new grasses and suitably modified NZ pasture management. It was a kind of proving ground for the Uruguayan seed company that PGW bought into in 1999. It was five years later before NZ Farming Systems Uruguay was set up as an IPO. So if PGW follow that same schedule, it could be 2015 before the floating of "New Zealand Farming System's Brazil" is a reality.