|
|
Article: Capital value halves in just one week; PGG WRIGHTSON
- Article from:
- The Press
- Article date:
- February 21, 2009
- Author:
CopyrightCopyright 2009 The Press. Provided by ProQuest LLC. (Hide copyright information)
|
PGG Wrightson's shares are in freefall with the company's market
capitalisation slashed to $175 million yesterday, half its value a
week ago.
Sharebroker Hamilton Hindin Greene partner Grant Williamson said:
"I think investors have lost confidence, particularly from the call
the company made to go unconditional without having funding in
place. That's really turned round and could bite them very
seriously, and I think well over the $10m that PGG Wrightson have
provided to date. The market is very worried."
The country's biggest meat company, Silver Fern Farms, this week
spurned an offer of compensation from Wrightson of $10m and
mediation before a retired High Court judge as "grossly ...