LIC happy with extension
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.
Taranaki Daily News