25 Jan 2011

PGG Wrightson to release earnings results early

6:44 am on 25 January 2011

Listed firm PGG Wrightson will release its half year earnings results two weeks early, saying this will help investors assess a partial takeover bid by the company's largest shareholder, Agria.

Agria on Monday mailed its $141 million bid for 50% control of the rural services firm to investors and already has acceptances that give it 37%.

PGG Wrightson's independent directors have told shareholders to wait until an appraisal report and recommendation is made on 7 February before deciding whether to sell.

PGG Wrightson chief financial officer Rob Woodgate says the company will provide the latest financial accounts on the same day.

Late last year the warned its profit would fall to between $15 million and $18 million in the year to June, compared with $23 million in the previous year.

Meanwhile, Agria says PGG Wrightson has underperformed, and needs to focus on its main operations, which include its lucrative seeds operations and rural supply stores.

It supports PGG Wrightson's review of its finance arm, and the option to sell it.

PGG Wrightson's shares fell 1 cent on Monday to 52 cents.