PGW - PGG Wrightson

[Snow Leopard]

Quick off the mark!

https://www.businesstimes.com.sg/com...eglect-failure

...The Business Times learnt on Thursday (May 4) that Lee Joo Hai, 67, was charged in March this year with one count of neglect as an independent director under the Securities and Futures Act...

[Snoopy]

Friday afternoon announcement. It looks like another PGW chair could have a wonky leg?

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Governance Announcement Regarding Chair, Mr. Lee Joo Hai

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The background take:

https://www.channelnewsasia.com/comm...e-story-891886

"Commentary: The fall of once-great Hyflux, a unicorn in the Singapore story"

SNOOPY

[Balance]

Then there’s Meng Foon as well on the Board.

Starting to look like the board could use a bit of a shakeup?

[Snoopy]

Then there’s Meng Foon as well on the Board.

Starting to look like the board could use a bit of a shakeup?

The shakeup has started, as announced to the stock exchange today:

"The PGG Wrightson Limited1 (PGW) Board today announced that it was appointing current director, Mr. U Kean Seng as Acting Chair effective from 4 July 2023. Mr. Lee Joo Hai would remain on the Board while relinquishing the Chair and independent director, Mrs. Sarah Brown would assume the role of Deputy Chair."

"While the PGW Board has not altered its preliminary view as expressed on 30 June, it has determined that it would be in the best interests of PGW for Mr. U to assume the role of Acting Chair while the investigations and charges relating to Mr. Lee remain ongoing. Further, the Chair’s role could also be well supported by current resident independent Director Mrs Brown as Deputy Chair."

SNOOPY

[Snoopy]

The shakeup has started, as announced to the stock exchange today:

"The PGG Wrightson Limited1 (PGW) Board today announced that it was appointing current director, Mr. U Kean Seng as Acting Chair effective from 4 July 2023. Mr. Lee Joo Hai would remain on the Board while relinquishing the Chair and independent director, Mrs. Sarah Brown would assume the role of Deputy Chair."

"While the PGW Board has not altered its preliminary view as expressed on 30 June, it has determined that it would be in the best interests of PGW for Mr. U to assume the role of Acting Chair while the investigations and charges relating to Mr. Lee remain ongoing. Further, the Chair’s role could also be well supported by current resident independent Director Mrs Brown as Deputy Chair."

Shake shake shake.......It only took 12 days in the end.

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Resignation – Mr. Lee Joo Hai

Mr. Lee Joo Hai has informed the PGG Wrightson Limited1 (PGW) Board that he would not be standing for re-election as a director at the upcoming PGW Annual Shareholders Meeting. Mr. Lee noted that he was resigning in order to eliminate the ongoing distraction caused due to media and market attention regarding the securities regulation matters that he is defending in Singapore. While Mr. Lee noted that he did not consider that those matters effected his capacity to remain a PGW director he nevertheless felt that it was in the best interests of PGW that he step down in order to remove the speculation that these matters were fuelling. Mr. Lee was also stepping down from the PGW Audit Committee effective immediately and Acting Chair, Mr. U Kean Seng would join the Audit Committee.

Mr. U acknowledged and thanked Mr Lee for his contributions as a director since 2017 and for his principled decision to support the best interests of PGW. Mr. U wished Mr. Lee well for the future.

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I always had a quiet 'smile of approval' when I saw Russel (single l) Creedy's name at the bottom of the Restaurants Brands CEO spiel in the Restaurant Brands annual report. I thought not only of of all the printers ink saved over the years in Annual Reports, but also the ink saved in correspondence by Russel not having two letter 'ls' at the end of this name. But this new Chairman of PGW, Mr U, takes ink saving to a new level. In the future I would like to see even more ink saved. Who was James Bond's sidekick? Q wasn't it? I would like to see him on the board. And who knows? 'Q' might even help us get to the bottom of what is going on.

SNOOPY

[Snow Leopard]

For S

https://www.mychinaroots.com/surnames/detail?word=U

SL

[winner69]

PGW doing a good job managing market expectations …like under promise over deliver trick even though profits are declining. Upgraded guidance today

FY23 ebitda to be 60m - down 10% on FY22

First half of year flat and second half down 40% on same period last year …..suggests first half of FY24 might be down as well

Be interesting what the starting point for F24 guidance is

Whatever at least they still making money even if times not the best down on the farm. (So they say)

http://nzx-prod-s7fsd7f98s.s3-websit...297/399153.pdf

[winner69]

If this 13 nations ‘commitment’ cum agreement to vastly limit livestock farming in order to save the planet gets a foothold in NZ PGW might need to reinvent themselves away from being a rural outfit.

Good the farmers in Netherlands are putting up a big fight

Mind you we seem to be already heading that way ..pretty fast

Biden’s ‘Climate Czar’ John Kerry seems to be leading the charge on this globally ….. suppose it will be better to starve before we burn.

[na2m1]

If this 13 nations ‘commitment’ cum agreement to vastly limit livestock farming in order to save the planet gets a foothold in NZ PGW might need to reinvent themselves away from being a rural outfit.

Good the farmers in Netherlands are putting up a big fight

Mind you we seem to be already heading that way ..pretty fast

Biden’s ‘Climate Czar’ John Kerry seems to be leading the charge on this globally ….. suppose it will be better to starve before we burn.

I think you might be a bit misleading on this one Winner. They are wanting to reduce methane emissions. This can be achieved by slightly changing the feed for livestock etc. Good thing is a lot of the methods doesn't even reduce livestock!

[Snoopy]

I think you might be a bit misleading on this one Winner. They are wanting to reduce methane emissions. This can be achieved by slightly changing the feed for livestock etc. Good thing is a lot of the methods doesn't even reduce livestock!

The other factor with PGW is that they cover all genres of farming. So if cows are removed from the Canterbury plains and fruit trees put in instead, PGW can supply those plants and whatever fertilizer regime is required to optimize fruit production.

SNOOPY