Shares in PGG Wrightson, the country's biggest rural services company, have been put on a trading halt pending an announcement later today.
The company said it will make an announcement today with a media and analyst briefing to be held at 12pm, in what's expected to be the completion of its $150 million capital injection. A reshuffle of Wrightson's board is also on the cards.
Wrightson has been searching for a cornerstone investor after it secured agreement from its banks in August to increase its facilities by about $150 million and extend the term of its debt.
It's still waiting on approval from the Overseas Investment Office in regard to the 13 per cent stake taken by Chinese-based seed and agricultural research company Agria for $36 million.
The shares sank 7.1 per cent to 65 cents on the NZX in trading yesterday.
AdvertisementAdvertise with NZME.
Latest from Business
Steven Joyce: Progress is inexorable. We don't want to be left behind
OPINION: How wealthy, or poor, do we want to be?