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Article: Developer seeks seat on board; PGG WRIGHTSON
- Article from:
- The Press
- Article date:
- October 12, 2009
- Author:
CopyrightCopyright 2009 The Press. Provided by ProQuest LLC. (Hide copyright information)
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A Christchurch property developer has nominated himself to be a
PGG Wrightson director, saying the rural services board needs fresh
blood given its "destruction of shareholder wealth".
PGG Wrightson is holding its annual meeting in Auckland this
month. Chief executive Tim Miles said he could not confirm whether
an update would be given to shareholders on an expected capital
raising.
The board has not supported the resolution appointing John Calvin
to the board, with PGGW saying he was unlikely to add to the
experience and expertise needed.
Too much debt taken on for rapid expansion outside its core
business had been the main problem for PGGW, said Calvin, who has a
diploma in agriculture ...