16 Aug 2011

Sale of PGG Wrightson Finance approved

5:27 am on 16 August 2011

PGG Wrightson Finance says its sale to Heartland has been approved by investors.

The voting, most of which was conducted through proxy, needed 75% to pass.

Almost 96% of bondholders approved the deal, with 99% of secured depositors and 89% of unsecured depositors also voting in favour.

The $100 million deal still requires approval from Treasury, which is expected by the end of the month.