Agria repays $5m on time
PGG Wrightson's controlling shareholder, Agria, has repaid half the $10 million it borrowed last year from New Zealand company Livestock Improvement Corporation.
The full amount was due to be repaid two months ago, but Agria negotiated a deal to pay $5m plus interest by today and the other $5m by March 5, 2014.
LIC, a listed co-operative specialising in agricultural technology, anounced the $5m repayment to the stock exchange today.
Agria also obtained an extension to a $25m bank loan, due at the same time, until February 2014.
The Cayman Islands registered, Singapore controlled, China-based company has shares listed on the New York Stock Exchange, but is in breach of listing rules requiring it to maintain a share price of at least US$1.
Agria shares last traded at US71c. (An earlier version of this story incorrectly had the last share price at US17c.)
- © Fairfax NZ News
Do you agree that New Zealand's sheepmeat industry needs a Fonterra-style setup?Related story: Candidates advocate sheepmeat 'Fonterra' setup