PGG Wrightson has issued convertible redeemable notes (CRNs) to China-based shareholder Agria to a value equivalent to US$25 million ($33.8 million), as part of an agreement announced between the two companies last October.
Proceeds are being invested as new capital into PGG Wrightson Finance to enhance regulatory capital and provide greater liquidity and capacity for growth.
PGG Wrightson managing director Tim Miles said that the issuing of the CRNs was the final part of his company's successful fundraising.
- NZPA
Agria takes PGW notes
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