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Article: Pressure on to complete Silver Fern Farms deal; PGG WRIGHTSON
- Article from:
- The Press
- Article date:
- October 31, 2008
- Author:
CopyrightCopyright 2008 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Rural services company PGG Wrightson could face a penalty or
possibly court action for damages if a $220 million deal to buy half
of Silver Fern Farms (SFF) terminates without it settling.
The deal looks almost dead. Both parties said yesterday the
current transaction was still alive, but barely. If the deal
terminates, court action to recover losses is an option for SFF, but
it does not seem to have the appetite for that.
PGG Wrightson chairman Craig Norgate said after yesterday's
annual meeting that the company had been "working flat out" this
month to find a way to settle the unconditional deal.
It missed the September 30 deadline to pay $145 million, the
first instalment in a $220 ...