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PGG Wrightson Defends New Chinese Shareholder

Fuseworks Media
Fuseworks Media

Wellington, Oct 19 NZPA - PGG Wrightson is defending its new Chinese shareholder Agria Corporation.

The rural services company put out a release today addressing issues raised in the media about Agria, including lawsuits the US-listed firm is facing.

PGG Wrightson announced on Friday that Beijing-based Agria Corporation was investing in the company, giving it a 13 percent stake.

PGG Wrightson said today that Agria was vigorously defending class action lawsuits filed in respect of its initial public offer in 2007. A motion to dismiss the actions was heard in July and a written decision is pending.

PGG Wrightson also said that Agria's board had advised that it was working to finish a 20-F form to be filed to the US Securities and Exchange Commission. The media had reported the document, which is similar to an annual report, was late.

PGG Wrightson said that these matters were fully disclosed when it did due diligence on Agria.

Neither PGG Wrightson, Agria nor their advisers found the issues raised by the media to be of significant concern. Agria is a China-based agricultural solutions provider, listed on the New York Stock Exchange and engaged in research and development, production and sale of upstream agricultural products.

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