SYDNEY, AUSTRALIA: Elders Limited (ASX: ELD) has acquired a 11.295% interest in PGG Wrightson Limited (NZX:PGW) in line with its geographic diversification strategy.
The 11.295% interest was acquired by private sale at NZ$4.35 (A$4.121) per PGW share for a total investment of approximately NZ$37.1 million (A$35.2 million), funded through existing debt facilities.
Elders does not currently intend to initiate a proposal to acquire control of PGW.
PGW is a full-service agricultural supplies and services business listed on the New Zealand Stock Exchange with a market capitalisation of approximately NZ$312 million2. It has a rich heritage of more than 170 years working alongside New Zealand farmers to service their on-farm needs. It employs over 1,800 people located in approximately 170 locations across New Zealand.