The aftermath of a partnership which promised much but ends in tears is never easy, for people or businesses.
Sometimes the people involved wish they’d never met. I suspect that’s the way PGG Wrightson and Silver Fern Farms feel after their attempt at partnership fell through.
PGW had to pay up when the deal fell through and it also lost business from farmers who were more than unimpressed with what had been planned.
SFF came away with a $30 million cash settlement and $10 million in PGW shares, at least some of which it’s now intending to sell.
SFF has been trying to raise money from shareholders but a week ago only about a third had indicated any interest. That offer closes today and the plan to sell its PGW shares indicates the take up is well below what’s needed.
