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Article: PGG Wrightson shares tumble
18% after row with Silver Fern
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- Article from:
- New Zealand Herald (Auckland, New Zealand)
- Article date:
- February 18, 2009
CopyrightCOPYRIGHT 2009 Independent News & Media PLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Shares in rural services company PGG Wrightson were punished by investors yesterday after a public spat with Silver Fern Farms over compensation for a failed partnership deal.
PGG Wrightson's shares fell 22c, or 18.3 per cent, to 98c, compared with a 52-week high of $2.95 a share.
In September, PGG Wrightson missed the first instalment of a $220 million deal to buy half of Silver Fern Farms because it was unable to finalise bank credits, and Silver Fern Farms terminated the agreement in November.
On Tuesday, PGG Wrightson said it would provide $10 million against Silver Fern Farms' claim and wanted a settlement based on delivering benefits that ...