28 Jul 2010

Bond extension meeting adjourned

12:35 pm on 28 July 2010

A meeting held by PGG Wrightson Finance to seek approval from bondholders to extend $100 million worth of bonds for another year, has been adjourned until next month because not enough investors attended the meeting.

At least half of bondholders needed to attend in order to approve the changes.

The next meeting will be held on 12 August.

Bondholders must approve the extension because of differences between the terms of the bonds and the Crown's extended retail deposit guarantee, which PGG Wrightson Finance has been accepted into.