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Thursday 3rd December 2009 |
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PGG Wrightson Ltd has been vindicated in downplaying the risks from new cornerstone shareholder Agria’s legal battles in the U.S., after a court dismissed a class action lawsuit relating to its initial public offering.
The biggest shareholder in Wrightson said the U.S. District Court for the South District of New York ruled in favour of Agria and its underwriter over allegations it failed to disclose all pertinent information at the time of its IPO in 2007. Wrightson stood by the Chinese agriculture and seed research company when details of the law suit emerged, saying it had found “no issues of concern” when conducting due diligence.
Agria was confirmed as the biggest shareholder in the Christchurch-based rural services provider last month after Wrightson raised some $250 million through selling shares and notes in a bid to slash its debt levels.
Wrightson shares gained 3.5% to 60 cents on the NZX today and have declined 47% this year.
Businesswire.co.nz
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