Wrightson delays trust deed meeting

Photo / Kenny Rodger

PGG Wrightson Finance has rescheduled a special bondholder meeting because not enough bondholders either turned up or sent proxies.

The meeting yesterday was to consider a proposal to amend the trust deed for $100 million of NZDX-listed bonds. The meeting has been adjourned until August 12 as the required quorum was not present at the meeting.

Chief executive Mark Darrow said it was always going to be a challenge getting a quorum at the first meeting given the high 50.1 per cent requirement and the wide spread of bondholders around New Zealand and internationally.

PGG Wrightson Finance has been accepted into the extended Crown retail guarantee scheme but because its terms are different the company needs bondholder approval to extend the term of the bonds maturing on October 8, 2010.

- NZPA