Agria to appeal NYSE delisting plan

Alan Lai's Agria Corp, which owns just over over half of NZX-listed PGG Wrightson, said it would appeal against a decision by the New York Stock Exchange (NYSE) to delist the company's American Depository Shares from the exchange after suspending trade in them last week.

Cayman-Islands registered Agria said it had disagreed with the statements made last week in a NYSE press release, and that it intended to challenge the NYSE's investigation findings and conclusions.

Shares in Agria were suspended from trading on the NYSE for what the exchange alleged was management's attempts to artificially inflate Agria's share price.

The exchange said it had uncovered evidence demonstrating that the company and its management engaged in operations "contrary to the public interest" and not in keeping with sound public policy pursuant to requirement of exchange's Listed Company Manual.

Agria indirectly holds 50.22 per cent PGG Wrightson (PGW) through Agria (Singapore).
In April, PGG Wrightson said its chairman Guanglin "Alan" Lai had withdrawn his non-binding takeover offer for Agria.

In theory, a successful bid by Lai for Agria could have triggered a full takeover of PGG Wrightson by Agria under the New Zealand takeovers code.

PGG Wrightson (PGW) has annual turnover of about $1.3 billion and which employs around 2200 staff.

Agria describes itself as a global agricultural company involved in areas such as seeds and grain, crop protection, nutrients and merchandise and rural services.

PGW's shares last traded on the NZX at 49c each.