The sale of PGG Wrightson's finance arm to Heartland New Zealand has been completed.
Meanwhile, Heartland has raised just under the $58 million it sought to help to fund the purchase of PGG Wrightson Finance.
The lender, which hopes to eventually become a bank, says one of the sub-underwriters failed to meet its obligations, resulting in a shortfall of $653,000.
It has issued 89 million new shares, about 22% of Heartland's existing share base.
