9 Mar 2012

PGC reduces stake in PGG Wrightson

10:21 am on 9 March 2012

Pyne Gould Corporation has reduced its shareholding in the rural services firm PGG Wrightson to 7%, and increased its stake in the building society Heartland New Zealand to just over 10%.

PGC chairman Bryan Mogridge says he believes the swap will enhance shareholder value over the near term.

PGG Wrightson shares were sold for 40 cents a share, while Heartland shares were bought for just under 45 cents a share.