Silver Fern Farms says its deal with PGG Wrightson is still “alive” even though PGW has defaulted on its agreement to take a 50% stake in SFF.
“We’re still awaiting a response from Wrightson — any propositions they can put forward to settle the transaction,” Silver Fern chairman Eion Garden said today.
“The transaction is still alive, albeit they are in default of the originally-agreed payment date.”
If, and when, the agreement was terminated, the cooperative would have to look at the options open to it, possibly another deal “to salvage some of the ashes”, which would have to be approved by shareholders.
“Of course, there’s the other option of pursuing a settlement with them,” Mr Garden said.