PGG Wrightson couldn’t have chosen a worse time for its first payment towards its 50% stake in Silver Fern Farms.
PGG Wrightson is blaming “extreme financial market conditions” for a delay in settlement of the proposed purchase of 50 percent of Silver Fern Farms.
PGG Wrightson chairman Craig Norgate said a number of banks which had committed to participate in funding the transaction had since been unable to finalise their credit approvals in time for yesterday’s part-settlement.
This is only a delay, but Norgate says it’s likely to take weeks rather than days to get the funds. The first payment of $145m was due yesterday, the second of $75 is due next March.
Jamie McKay’s interview with Norgate on the Farming Show is on line here.