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- Release Date: 08/04/14 15:09
- Summary: ASSET: PGW: PGG Wrightson Divests shareholding in 4Seasons Feeds
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PGW
08/04/2014 13:09
ASSET
REL: 1309 HRS PGG Wrightson Limited
ASSET: PGW: PGG Wrightson Divests shareholding in 4Seasons Feeds
PGG Wrightson Divests shareholding in 4Seasons Feeds Joint Venture
PGG Wrightson's subsidiary company, Agri-feeds Ltd has sold its fifty percent
share of the joint venture company, 4Seasons Feeds Ltd to its partner,
International Nutritionals Ltd (INL). INL is owned by RD1 Ltd and Australian
company, Wilmar Gavilon Pty, and currently holds the other fifty percent of
4Seasons Feeds Ltd. The sale is due to be completed on 31 May 2014.
4Seasons Feeds Ltd was set up as a liquid feeds joint venture business in
August 2012 by INL and Agri-feeds Ltd. At that time it was envisaged that INL
would ultimately assume full ownership of 4Seasons Feeds Ltd and consequently
INL had an option to acquire Agri-feeds Ltd's half share.
INL has exercised the option and the sale includes the Agri-feeds name and
associated intellectual property, and the termination of the Agri-feeds Ltd
management contract for 4Seasons Feeds Ltd. The purchase price for Agri-feeds
Ltd's fifty percent shareholding in 4Seasons Feeds Ltd was calculated in
accordance with the option formula contemplated in the joint venture
arrangements.
PGG Wrightson is a leading provider to the agricultural sector offering a
wide range of products, services and solutions to growers, farmers and
processors in New Zealand and internationally. One of PGG Wrightson's core
offerings is the distribution of livestock feed options including molasses to
the New Zealand dairy sector. The divestment of PGG Wrightson's interest in
the joint venture company will not change this and Mark Dewdney, Chief
Executive Officer, says that "PGG Wrightson will continue to supply molasses
through PGG Wrightson's Rural Supplies store network. Also, the balance of
the portfolio of products currently in the Agri-feeds Ltd business which
largely relate to the animal health sector will transition to the Agritrade
business operated within the PGG Wrightson retail business unit."
For further information:
Mark Dewdney
CEO, PGG Wrightson Limited
Tel: +64 27 248 3151
John McKenzie
Group General Manager, Seed & Grain, PGG Wrightson Limited
Tel: +64 27 222 5434
End CA:00249258 For:PGW Type:ASSET Time:2014-04-08 13:09:29
