PGW - PGG Wrightson

[Master98]

i think you can register your shares via computershare and after that you can ask for a copy of the "book of shareholders"

Cheers. Mate

[Snoopy]

Any possibility that Agria will lunch a full takeover some day?

Let's see.

Market capitalisation of Agria $US50.95m (based on 9th July closing price of US92c).
Market capitalisation of PGW $NZ243m(based on 9th July closing price of NZ32c).

What chance a little fish with no income and huge debts can swallow a four times bigger fish with low income and very large debts?

SNOOPY

[bung5]

Let's see.

Market capitalisation of Agria $US50.95m (based on 9th July closing price of US92c).
Market capitalisation of PGW $NZ243m(based on 9th July closing price of NZ32c).

What chance a little fish with no income and huge debts can swallow a four times bigger fish with low income and very large debts?

SNOOPY

Makes Agria look like a good buy ....

[Master98]

looks like PGC is forking out the rest of 13m shares

[Balance]

looks like PGC is forking out the rest of 13m shares

The bad smell of George Kerr will lift soon from PGW then.

The vultures sure know how to squeeze him.

[Master98]

The bad smell of George Kerr will lift soon from PGW then.

The vultures sure know how to squeeze him.

The last 5.5m shares i think vultures will be quite happy to pay at "lowball offer" 35cps, or even 37cps after they got 40m at 29cps and 7.5m at 32cps.

[Balance]

The last 5.5m shares i think vultures will be quite happy to pay at "lowball offer" 35cps, or even 37cps after they got 40m at 29cps and 7.5m at 32cps.

Maybe last opportunity to pick a few cheap shares off George Kerr.

Remember that he got the shares at 39 cents when he made the takeover offer for PGC?

Well, that's $4.0m hit on the 40m shares sold and $525,000 hit on the 7.5m sold.

His selling looks like the act of a desperate man - mortgagee sale time.

[Master98]

Maybe last opportunity to pick a few cheap shares off George Kerr.

Remember that he got the shares at 39 cents when he made the takeover offer for PGC?

Well, that's $4.0m hit on the 40m shares sold and $525,000 hit on the 7.5m sold.

His selling looks like the act of a desperate man - mortgagee sale time.

That's what i said we are just little bugs, BUT we do have the opportunity to pick up something left from the vultures mouth

[Snoopy]

Makes Agria look like a good buy ....

According to Agria's 20F filing for FY ending June 2011 their debt is described as follows (Note 12):

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As of June 30, 2011, short-term and long-term bank borrowing facilities included:
• A term debt facility denominated in New Zealand dollars of NZ$124.5 million (RMB666.4 million, $103.1 million) that matures on August 31, 2012 provided by a syndicate of three banks.
• A working capital facility denominated in New Zealand dollars of NZ$75.0 million (RMB401.4 million, $62.1 million) that matures on February 29, 2012 provided by a syndicate of three banks. As of June 30, 2011, this facility had an outstanding balance of NZ$11.0 million (RMB58.9 million, $9.1 million) and available balance of NZ$64.0 million (RMB342.6 million, $53.0 million).
• Overdraft and guarantee facilities denominated in New Zealand dollars of NZ$40.0 million (RMB214.1 million, $33.1million) that is provided by a syndicate of three banks.
• Banking and overdraft facilities denominated in New Zealand dollars of NZ$25.0 million (RMB133.8 million, $20.7 million) relating to Wool Partners International Limited (WPI), a subsidiary of the Group. As at June 30, 2011 and during the period ending June 30, 2011 WPI was not in compliance with banking covenants imposed by the lending bank. Subsequent to June 30, 2011 we have agreed new facilities with the lending bank for this subsidiary effective from September 28, 2011. The facilities are subject to separate reporting covenants with the first reporting period being December 31, 2011.
• Acquisition debt denominated in New Zealand dollars totaling NZ$63 million (RMB337.2 million, $52.2 million) that matures on October 31, 2012 with a mandatory repayment of NZ$27 million (RMB144.5 million, $22.4 million) on April 30, 2012 provided by a bank and Livestock Improvement Company.
• Loan facilities denominated in RMB of RMB62.0 million ($9.6 million) that matures on April 7, 2012 provided by one bank.
• Loan facilities denominated in US Dollars of RMB369.7 million (US$57.2 million) that mature between January 23, 2013 and April 19, 2013 provided by two banks.

Other than the working capital facility denominated in New Zealand dollars, the short-term and long-term bank borrowing
facilities detailed above were fully drawn at June 30, 2011.
Several of the borrowing facilities require the Company to maintain certain operating covenants. Except for the WPI facility.

The long-term bank borrowings RMB1,228,993 (US$190,144) are due during the year ending June 30, 2013.

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Some of those debt entries look a little odd for an American company.

Could Agria be consolidating PGW debt into their own balance sheet? If so then maybe Agria is not as heavily weighed down with debt as I thought?

SNOOPY

[Snoopy]

Could Agria be consolidating PGW debt into their own balance sheet? If so then maybe Agria is not as heavily weighed down with debt as I thought?

These look like Chinese and US denominated debt, so they are unlikely to be held by PGW as at 30th June 2011.

• Loan facilities denominated in RMB of RMB62.0 million ($9.6 million) that matures on April 7, 2012 provided by one bank.
• Loan facilities denominated in US Dollars of RMB369.7 million (US$57.2 million) that mature between January 23, 2013 and April 19, 2013 provided by two banks.

Perhaps Agria have until the end of the year to breathe after all?

SNOOPY