LIC happy with extension

Last updated 07:28 15/11/2012

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Livestock Improvement Corporation says it is "comfortable" with the time extension given to PGG Wrightson's controlling shareholder, Agria Singapore, to repay a $10 million loan.

But some farmer-shareholders of LIC, a Hamilton dairy genetics co-operative company, expressed concerns about the deal at LIC's annual meeting in Hamilton yesterday.

Shareholder Richard Myers questioned the rationale for the LIC loan.

 "It's a loan, it seems, with some hope to get a piece of some opportunity that may arise in future to get a part in a seed company."

LIC chief executive Mark Dewdney told the meeting the company originally provided a $10m loan to Agria Singapore for 18 months, which fell due for repayment on October 31.

The loan was made to support Agria to take control of PGG Wrightson.

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- © Fairfax NZ News

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