PGW SFF deal dying

The deal hasn’t quite died but PGG Wrightson has indicated its bid to take a 50% stake in Silver Fern Farms is definitely on life support.

At its annual meeting in Christchurch yesterday, chairman Craig Norgate told shareholders that his belief in the partnership and its benefits to farmers remained, but “it was fair to say that we are now unlikely to be able to consummate the transaction in its current form within an acceptable time-frame to Silver Fern Farms.”

PGG Wrightson’s share price had tumbled along with almost every other stock, and Mr Nor-gate said it would now be more costly to raise the necessary finance.

3 Responses to PGW SFF deal dying

  1. f.farmer says:

    Why Norgate?? when you post a profit of $50 mill.roll out the”backbone”program and put in place lines of credit for 2 yrs, all without his assistance then why in Gods name do you sell half your company to him??
    Some sharp directors haven’t we.


  2. snake gully correspondent says:

    Talk about garden being led up the garden path
    How many world financial crises does he need to see PGW is an unsuitable partner for SFF.
    Isn’t it time he took the rope he has used to cut Norgate some slack and use it for another purpose


  3. joe farmer says:

    SFF chairman Garden is caught indefinitely in the mensroom and is unavailable
    for comment following news that the white knight Norgate has ghosted off without leaving a deposit.
    No procurement agreement,bother will we really be required to do it ourselves?
    like the old days, and we get to keep the company, all of it, Geez!!


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