PGW - PGG Wrightson

[winner69]

PGG Wrightson Seeds was Dulux Group’s Supplier of the Year in recognition of the great efforts they put into supplying grass seed to Yates (a Gulux company) across ANZ

Pretty good eh

[Sideshow Bob]

Seed sale approved by 97% of shareholders

[RGR367]

Seed sale approved by 97% of shareholders

Ouch and boy, I'm really on the minority. Having owned it since '03 and build it up from then, it must be really time to get some money back now as you guys have decided

[percy]

Seed sale approved by 97% of shareholders

A very positive vote.

[Aaron]

A very positive vote.

Really? What percentage of shareholders voted?

We know that 50.2% Agria shares would have voted to sell. Sounds like institutional investors are very passive collecting their fees for managing peoples money but not acting like owners in the companys they own.

I assume this is not a major transaction requiring more than 75% of shareholders votes required to approve it. I wonder if publicly listed companies have different rules or if institutional investors are forced to vote one way or another if it is a major transaction.

I thought there might have been an opportunity to make on a wrightsons share purchase today based on the last line of this article.

https://www.nzherald.co.nz/business/...ectid=12151408


By my calculations the capital return is 39 cents a share ($292,000/754,849) and current market cap is $430,264 (754,849 * .57). I might have something wrong or this could be fake news.

[Balance]

Really? What percentage of shareholders voted?

We know that 50.2% Agria shares would have voted to sell. Sounds like institutional investors are very passive collecting their fees for managing peoples money but not acting like owners in the companys they own.

I assume this is not a major transaction requiring more than 75% of shareholders votes required to approve it. I wonder if publicly listed companies have different rules or if institutional investors are forced to vote one way or another if it is a major transaction.

I thought there might have been an opportunity to make on a wrightsons share purchase today based on the last line of this article.

https://www.nzherald.co.nz/business/...ectid=12151408


By my calculations the capital return is 39 cents a share ($292,000/754,849) and current market cap is $430,264 (754,849 * .57). I might have something wrong or this could be fake news.

Extremely disgracefully incorrect reporting. Couldn't this reporter just take 5 minutes to read the NZX site and know that PGW's market cap is $437m?

[Ggcc]

Extremely disgracefully incorrect reporting. Couldn't this reporter just take 5 minutes to read the NZX site and know that PGW's market cap is $437m?

I have found that some reporters are terrible with company reports and send information to the public that literally is wrong. Where are the proof readers on these articles?

[percy]

I have found that some reporters are terrible with company reports and send information to the public that literally is wrong. Where are the proof readers on these articles?

It is the reason I had to buy a computer years ago.The Press either did not report agms/results,or when they did they often made big errors.
Today I still find to get the correct information you have to read the announcements,as often ST posters get their facts wrong..

[Snoopy]

Really? What percentage of shareholders voted?

Votes For {A}	462,798,990
Votes Against {B}	14,688,150
Votes Abstain {C}	3,667,296
Total votes [{A}+{B}+{C}] = {D}	481,154,436
Total Shares on Issue {E}	754,848,774
Percentage of Shares Voted {D}/{E}	63.7%

Take out the 50.2% of Agria shares and the other shareholders who voted amounted to:

63.7% - 50.2% = 13.5% of all shares on the registry.

The remaining shares that no-one voted on made up: 100% - 63.7% = 36.3% of all shares

We know that 50.2% Agria shares would have voted to sell. Sounds like institutional investors are very passive collecting their fees for managing peoples money but not acting like owners in the companys they own.

Excluding Agria, the total number of shares that voted 'sell' were: 462,798,990 - 370,068,619 = 92,730,371

92,730,371 / 754,848,774 = just 12.3% of all shareholders in total or

92,730,371 / (754,848,774 - 370,068,619) = 24% or non-Agria shareholders.

I assume this is not a major transaction requiring more than 75% of shareholders votes required to approve it. I wonder if publicly listed companies have different rules or if institutional investors are forced to vote one way or another if it is a major transaction.

Actually it was a major transaction. Total shares voting for were Agria (50.2%) plus others (12.3%) which amounts to 65.2%. Well short of that 75% threshold. But it seems it passed anyway :-(

SNOOPY

[Snoopy]

Seed sale approved by 97% of shareholders

No, the sale was approved by just shy of 97% of shareholder votes cast. But not all shareholders who voted had equal number of votes to cast. I think if you all up the actual number of shareholders who voted for this transaction, the number would be well south of 50%.

SNOOPY