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30-03-2009, 07:37 PM
#601
Originally Posted by Stranger_Danger
A CFO leaving a company with financial difficulties. Never seen that before!
Share price got nailed 10% today.
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27-04-2009, 09:27 AM
#602
Member
PGG Wrightson Limited (PGW) and Silver Fern Farms Limited advise that as a
result of a recent mediation process they have agreed the terms of a full and
final settlement following PGW's default on the equity transaction agreed in
2008.
Under the terms of the agreement, PGW will provide Silver Fern Farms with a
mix of cash and PGW shares, and the two companies will continue to work on
initiatives to integrate the supply chain from 'plate to pasture' to improve
the strategic position of pastoral farmers.
The financial elements of the settlement are:
- $25 million paid today
- $5 million paid previously, of which $3.5 million was for costs incurred by
Silver Fern Farms
- 10 million ordinary shares in PGW (fully-paid and ranking equally with all
other PGW ordinary shares on issue).
The settlement was welcomed by PGW chairman Craig Norgate and Silver Fern
Farms chairman Eoin Garden as a successful resolution with which the boards
of both companies can be well satisfied.
"I am delighted that both companies will now be able to put the
disappointment of last year's events behind them," Mr Norgate said. "For PGG
Wrightson, the settlement provides certainty over the financial exposure
resulting from our inability to complete the transaction approved last year.
The terms of the
settlement have been approved by our banking syndicate and are well within
the company's capacity to manage financially. The settlement also establishes
the basis on which both parties can continue to work in their respective
clients' interests under an integrated supply chain model."
Mr Garden said the settlement provided significant redress to Silver Fern
Farms for the damages arising from PGW's inability to complete the 2008
transaction. "The resolution allows both companies to focus on optimising
outcomes in a challenging economic environment, rather than wasting resources
on protracted
litigation. This is a sensible and pragmatic 'NZ Inc' outcome."
Silver Fern Farms intends to remain a long-term shareholder of PGW.
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02-05-2009, 08:02 PM
#603
Member
$40m is a pretty big payout to have to make. Out of a $220m deal it must've almost been worth proceeding with the deal no matter what it took to get it done. I'm surprised a few of the bosses at PGW haven't had to justify keeping their jobs. Is that why the CFO resigned?
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02-05-2009, 08:07 PM
#604
Member
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15-07-2009, 04:21 PM
#605
Member
A fairly large drop today. Must be some insider trading going go. Capital raising announcement this week?
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16-07-2009, 12:08 PM
#606
Junior Member
Would you put more of your money into PGW if called upon to do so- not sure I would.
What are the upsides and what are the downsides?
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16-07-2009, 12:23 PM
#607
Originally Posted by Walfootrot
Would you put more of your money into PGW if called upon to do so- not sure I would.
What are the upsides and what are the downsides?
The question is, can Norgate afford to put more money into it?
Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.
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16-07-2009, 03:56 PM
#608
Junior Member
Yes- has Norgates charismatic dynamism worn thin?
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21-07-2009, 06:43 PM
#609
Originally Posted by Walfootrot
Yes- has Norgates charismatic dynamism worn thin?
In today's announcement from PGC, about their upcoming cash issue, there was an update on that company's position with their 20% shareholding in PGW.
"PGC's approximately 20% stake in PGG Wrightson is to be retained and may be considered as a long term seed asset for a significant agri-business fund."
In my fast read haste, I thought the above announcement was the setting up of an 'Aggro' fund, specifically created for investors disenchanted with the managment direction of 'fund manager' Craig Norgate at PGW. Disenchanted investors in this new fund would then get a real chance to vent their spleen, while at the same stroke PGC would rid their balance sheet of a troublesome asset.
However, on further reflection I realised there are so many alternative 'Aggro funds' in the market already, that it would be foolish for PGC to go along this track as a "Johnny Come Lately".
SNOOPY
Watch out for the most persistent and dangerous version of Covid-19: B.S.24/7
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21-07-2009, 07:17 PM
#610
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