pgg wrightson
pgg wrightson has taken direct control of wool partners international (wpi), with wpi trading from today as pgg wrightson wool .
pgg wrightson chairman sir john anderson acknowledged the contribution gould had made to pgg wrightson since agreeing to be managing director in february 2011 .
heartland nz repays nz $ 92. 3 million of pgg wrightson finance bonds after acquisition of rural lender
the tauranga team also did well at pgg wrightson real estate' s own national awards this week .
heartland nz repays nz $ 92. 3 million of pgg wrightson finance bonds after acquisition of rural lender | urltoken
the tauranga team from pgg wrightson real estate has walked away from a national awards night with a big win .
heartland nz repays nz $ 92. 3 million of pgg wrightson finance bonds after acquisition of rural lender
pgg wrightson is just over 50 per cent owned by small chinese firm agria corporation, which is led by guanglin lai .
pgg wrightson is establishing an office in beijing, aimed at delivering revenue and profit generating business for the company in china .
pgg wrightson is restructuring part of its dunedin operation, but the company will not say how many jobs are on the line .
merino growers have voted to buy pgg wrightson' s half - share in new zealand merino for $ 7. 625 million .
in 2011 pgg wrightson sold its finance division to heartland building society to create a single larger rural financing organisation. [ 4 ]
on 31 august 2011, heartland acquires pgg wrightson finance, bringing significant impetus to heartland’s rural strategy and diversity to heartland’s asset base .
pgg wrightson' s general manager of real estate peter newbold said he was
extremely proud
of the tauranga team for its win .
pgg wrightson seeds is part of pgg wrightson limited, which is one of new zealand' s largest agribusinesses, with over 160 years involvement in new zealand agriculture. seeds have played an important role in the company since its founders imported english ryegrass into new zealand in the 1800' s to develop a seeds business. pgg wrightson seeds is a proprietary seed business that was formed in 2005 as a result of the merger of wrightson limited and pyne gould guinness limited. pgg wrightson seeds changed its name from wrightson seeds in 2009. our objective is to enhance the profitability of farmers and growers by providing them with proprietary grass and forage seeds that provide high quality feed for improved animal performance .
the tauranga office of pgg wrightson real estate celebrate their big win at the real estate institute of new zealand' s national awards. photo supplied
two employees have accepted voluntary redundancy at pgg wrightson' s dunedin office, after completion of the first stage of a consultation process around restructuring .
following his exit, an ex gratia payment of $ 3 million by pgg wrightson to miles was revealed, raising the ire of the shareholders association .
the guard is changing at leading rural services firm pgg wrightson with chairman sir john anderson announcing his departure three months after the former managing director left .
ngai tahu holdings plans to take a $ 15 million cornerstone shareholding in pgg wrightson through its involvement in a joint venture with major chinese agriculture companies .
norgate then took pgg wrightson on a rough ride. it was he who provided the intellectual leadership behind the massive land buying associated with the pgg wrightson offshoot farming systems uruguay. this subsequently ran into trouble with the coalescence of a major drought and the 2008 global financial crisis. norgate also led the proposal for pgg wrightson to purchase a 50% share in silver fern farms for $ 220 million. that too ran into trouble due to the global financial crisis .
a story in yesterday' s bay of plenty times business section about the reinz awards should have included pgg wrightson as a bay of plenty - based winner .
tim miles, former managing director of pgg wrightson. miles received a $ 3m farewell payment after leading the company for less than three years. photo / simon baker
former pgg wrightson managing director tim miles received a $ 3 million payment when he unexpectedly left the company last year, according to the company' s annual report .
pgg wrightson managing director george gould will stand down on august 31, having stepped into the role at a time when the company was going through a rocky period .
gould said today that he was pleased to have been able to help pgg wrightson, particularly regarding the rural servicing business with which he had a long standing affinity .
pgg wrightson’s standardbred division has a position of unparalleled integrity and trust within the racing industry – we’re highly respected as advisers, valuers, sellers and insurers of bloodstock .
a challenging year for farmers is expected to be reflected in pgg wrightson' s full - year result, the farm services company predicting a substantial drop in earnings .
pgg wrightson is selling its half - share in new zealand merino for $ 7. 625 million, putting the company totally in the hands of its grower shareholders .
the last decade has been tumultuous for leading agricultural services company pgg wrightson. the current company was formed in 2005 with the merger of pyne gould guinness and wrightson. that merger was led by well - known agribusiness entrepreneur and former fonterra ceo, craig norgate .
pgg wrightson' s decision to write off goodwill of $ 321. 1 million has seen it report a $ 306. 5 million loss for the year to june 30 .
the deal included heartland nz taking on pgg wrightson finance' s debt covered by the extended crown retail deposit guarantee scheme until december 31, including the bonds it' s repaying .
regional manager of pgg wrightson real estate mike mccullough said he believed the diligence of the agents on the team and being new zealand' s oldest rural brand gave vendors trust and confidence .
pgg wrightson has transferred the assets of the international wools of new zealand (wnz) and laneve brands to the wools of new zealand trust, a 100% grower - owned entity .
pgg wrightson has recorded a net loss after tax of $ 30. 7 million for the year ended june - a year which the rural services company has described as
defining
.
the result of mergers within the stock and station agency industry in new zealand, pgg wrightson can trace its obvious ancestry back to 1861, with the establishment of wright stephenson & co .
bank wannabe heartland new zealand says it' s repaying nz $ 92. 3 million worth of maturing bonds it took on liability for following its recent acquisition of rural lender pgg wrightson finance .
farm services company pgg wrightson saw its first - half profit boosted 55% to $ 4. 8 million, but ongoing uncertainties in the agricultural sector prevail for the remainder of the year .
pgg wrightson is a leading provider to the agricultural sector offering a wide range of products, services and solutions to growers, farmers and processors in new zealand and internationally. regardless of whether you have been farming for years, are just starting out, or simply are interested in agriculture, pgg wrightson offers an unsurpassed range of products and services – all aimed at helping grow the country .
adrian has been involved with pgg wrightson real estate since 1998, reaching the company’s exclusive top 20 in rural sales status shortly thereafter. since then, he has consistently won awards for national rural sales as well as the national cup for excellence in marketing. adrian’s leadership and success have ensured that pgg wrightson real estate appointed him branch manager of the thames office in 2005 and then the pukekohe branch in 2008 .
the pgg wrightson country cup is the premier competition over the region known as the canterbury country. the region includes clubs from the ellesmere and north canterbury sub - unions and the mid canterbury rugby football union .
one problem dating back to 2008 was pgg wrightson' s plan to buy 50 per cent of meat processing company silver fern farms. that broke down after it failed to settle the first part of the $ 220m deal .
pgg wrightson has achieved a major change in fortunes, with a net profit after tax of $ 24. 5 million for the year ended june, following the previous year' s loss of $ 30. 7 million .
by 2010 pgg wrightson was in dire financial trouble. norgate had to exit together with his key dunedin - based partner baird mcconnon. the eventual outcome was a fire sale to the chinese owned agria corporation, who in 2011 ended up as majority shareholders. now, more than three years later, agria is firmly in control, with four representatives on the eight person board, and with agria executive chairman alan lai also chairing the pgg wrightson board .
pgg - wrightson - controlled by singapore - based agria - has delivered a turnaround result from last year' s first - half loss of almost $ 6 million for an after - tax profit of $ 3. 1 million .
the proposed heartland bank will seek an extra $ 3 million to take its overall capital raising to $ 58 million, to go towards the $ 100 million purchase of listed pgg - wrightson' s rural loan book, valued at up to $ 430 million .
agonline is the key source for livestock listings from around the country supported by our national network of pgg wrightson livestock agents. contact your local pgw livestock agent today and make sure you are up to date with the latest livestock listings and sales results from throughout new zealand .
pgg wrightson is one of new zealand’s leading agri - business companies – we have a deep knowledge in all rural, lifestyle and residential property categories including dairy, sheep & beef, forestry, grazing & finishing, specialist farms, viticulture, bare land and coastal property .
pgg - wrightson has agreed to sell its finance division' s up to $ 430 million rural loan book to fledgling bank heartland new zealand for about $ 100 million, which includes capital raising of a minimum $ 55 million from private placement and a share purchase plan .
the christchurch - based company' s capital value was underpinned when china' s agria corp took a cornerstone stake in the company as part of a $ 250m recapitalisation. agria first announced it wanted a stake in pgg wrightson in 2009 and now owns just over 50 per cent .
pgg wrightson real estate is one of new zealand’s largest single full - service real estate companies. we have 35 dedicated offices nationwide and a sales team of over 150 sales agents. we are a national network of experienced locals, connecting people with property for generations of new zealanders .
heartland nz treasurer craig stephen told urltoken in august he was confident the building society' s liquidity of nz $ 634 million would comfortably see it negotiate the end of the crown guarantee, which heartland nz is also in, for both the group' s heartland nz and pgg wrightson finance liabilities .
the company said the highlights of sir john' s time in the chair included the sale of the company' s finance company, pgg wrightson finance, in 2011 to heartland bank, a refocusing of the company on its core operating businesses, repayment of core debt and a resumption of dividends .
browse through our online product range and place an order or enquiry through our onto farm service. for more information about any of the products here, or to enquire about a product not shown on our website, please contact your pgg wrightson representive, your local store or email onto farm with your enquiry .
pgg wrightson livestock facilitate many private on - farm auctions throughout the year. you can find upcoming livestock sales on agonline. simply filter your search to show on - farm sales or search by category of livestock. the details will show the location, date, time and an overview of what is on offer .
a non - executive director at the time, with a successful track record in rural servicing, particularly as a former managing director of pyne gould guinness limited, george agreed to be managing director of pgg wrightson to help stabilise the company as it re - focussed on its core business ,
anderson said in a statement .
pgg wrightson is a complex company, with interests in livestock selling, retailing, wool marketing, industry training, real estate, irrigation and seeds. they operate 99 stores and operate in 46 countries. in 2013 they grossed over $ 1 billion in earnings but their operating profit was only $ 46 million. many of their businesses are low margin .
pgg wrightson has a rich heritage of more than 160 years working alongside new zealand farmers to service their on - farm needs. our business today employs 2, 100 people located throughout new zealand and in key regions within australia and parts of south america. we also have an agent network for key products which extends into south africa, north america, europe and china .
heartland nz says its subsidiary, heartland building society, will repay the maturing, unsecured bonds from cash reserves today. heartland nz, which was created through january' s merger of marac finance, cbs canterbury and southern cross building society, completed the acquisition of about nz $ 465 million worth of pgg wrightson finance assets and nz $ 455 million worth of liabilities on august 31 .
one thing about which there is no doubt is that all of the agria companies and hence pgg wrightson are effectively controlled by alan lai. his control of agria corporation is itself achieved through yet another company, brothers capital ltd, of which he is sole director. it is an interesting example of how a relatively modest net asset base can be leveraged through multiple layers of holding companies to control a significantly sized operational company .
miles' departure was the last of a rapid leadership shake - up at wrightson, with just one senior executive, who is based in south america, left from craig norgate' s tenure as chairman .
the new chairman john anderson was brought in after wrightson raised $ 250 million to slash debt after its failed merger with silver fern farms, by installing chinese seed and agricultural research firm agria as a cornerstone shareholder .
i had an 80 acre rural lifestyle property with two titles to bring to market, and was not getting the service i was after using residential agents. i got in contact with pgg wrightson real estate and presented a variety of options to adrian. i found him to be very knowledgeable of the local market and opportunities. i ended up initiating a boundary adjustment and selling a small section to a neighbour, once again using a boundary adjustment ...
his exit payment isn' t far off the $ 4 million nz farming systems uruguay had to pay wrightson to cancel its management contract with the rural services firm, when singapore' s olam international took control of the south american farm manager .
the big question for pgg wrightson is where do they go from here? their agri - servicing division, based around their 99 stores, is somewhat caught in a time warp. the company has struggled for more than 15 years as to how to reinvent this part of the business. i recall a discussion with the then ceo some 15 years ago, where he told me that within five years wrightson (as it then was) would be a totally different business. but he could not tell me what that business would look like. in the years since then, there have been at least another five ceos plus de facto ceo craig norgate. this illustrates both the high level of churn and an underlying struggle to find the right strategy .
a key question is whether the seeds division, including the fully owned agricom subsidiary, should remain within the pgg wrightson conglomerate. if it were a stand - alone company, then it would almost certainly become an attractive target for one of the global seed companies. given that the company is already overseas - controlled, this could benefit shareholders, with no obvious downside for farmers. for comparison, the major local competitor in the seeds business is agriseeds, which is now part of the holland - headquartered barenbrug group
agria is itself an unusual company. the company website (agriacorp. com) states that their principal office is in shenzhen china. however, most of the directors appear to be either singapore or hong kong based. they are listed on the new york stock exchange, but are registered in the cayman islands for tax purposes. their major asset appears to be pgg wrightson, which is incorporated into the agria accounts as a subsidiary company. however, this ownership is actually held through majority interests in multiple additional layers of holding companies, including agria singapore and agria asia .
that was made up of the $ 3 million ex gratia payment, his base salary of $ 615, 000, and a short - term incentive bonus of $ 703, 000. his long - term incentive scheme, which involved 2. 5 million wrightson shares, didn' t add to the balance, as he had been extended a loan to pay for the stake .
for any new zealand - based long term shareholder, the journey has indeed been rough. back in 2005, following the merger of pyne gould guinness and wrightson, the shares were valued at around $ 2. 20. in 2008 they rose to almost $ 3, but then crashed badly. now, in mid 2014, the shares are trading at a little above 40c. however, this is substantially above the 25 cents they reached in may 2013 .
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the archive consists of the records of several hundred companies that were acquired or merged into fletcher challenge limited. its documents, photographs, films, videos and oral histories provide an insight into new zealand business development since the 1840s — particularly in the building and construction, forestry, pulp and paper, and energy sectors .
in 2009, we celebrated the 100th anniversary of the foundation of the first fletcher business in new zealand. the fletchersince1909 website provides an insight into the tradition of imagination, hard work, and successful entrepreneurship that has since been associated with the fletcher name .
in 1864 william winstone established what was initially a cartage company. the business grew to be of national significance in the building trade, quarrying and aggregates, manufacturing and forestry. this movie shows a number of the stucco homes built with winstone aggregates. view video »
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miles, who led the rural services firm for two - and - a - half years until october last year, was paid $ 4. 3 million in the latest financial year .
agria has since taken control of the company in a $ 144 million partial takeover .
the shares fell 2. 6 per cent to 38 cents in trading yesterday, and have sunk 27 per cent this year .
where do tenants turn when landlords fail them? not the tenancy tribunal - often nowhere .
some attempts looked like a person had used a glad wrap roll and some colouring pens .
frederic le cren and his brother, henry john le cren, were born in london, england. henry was baptised on 3 september 1828; frederic was born on 7 november 1835. they were the sons of henry le cren and his wife, emma ann davies. their father was an exile from france, as also was their mother' s grandfather .
from their greenwich home the brothers were sent to school at christ' s hospital. henry then learned business in the city of london from the merchant banking house of frühling and göschen. he was engaged as an agent by the management committee of the canterbury association and came out to new zealand in the barbara gordon with his cousin, joseph longden, reaching lyttelton late in 1850, just before the first four ships. in lyttelton he and joseph established an efficient store and accommodation agency. margaret fisher hunt, a scotswoman, came out from london to marry henry at lyttelton on 21 march 1853; they had seven children .
frederic went to australia and then joined his brother in new zealand in 1855. by 1857 he had taken over the heathcote ferry, near christchurch. he married cecilia elizabeth mills in a religious ceremony on 19 november 1857 at heathcote and a civil ceremony on 24 november 1857 at christchurch. there were nine children of the marriage .
during the 1850s settlement extended to south canterbury. the total volume of trade increased, and coastal shipping was preferred to wagoning over the roadless plains and difficult, unbridged rivers. robert heaton rhodes, who had taken part in the southward migration, asked henry to establish a store at timaru, and to improve its supply by sea .
in 1857 henry sent captain henry cain to fulfil the rhodes' s request, and to improve the arrangements for landing cargo at timaru, where there was then a difficult approach through rocks to a beach cramped by cliffs. already the rhodes' s station, the levels, and the rudimentary timaru were placing considerable demands on the system of supply .
by 1858, when timaru had grown but little, henry had a homestead, beverley, built on bare, rising ground overlooking the ships. when he and captain cain had got the landing service working effectively, margaret le cren came down with their first three children, who had been baptised at lyttelton. st mary' s church (anglican) at timaru was built by 1861, in time for the fourth child and subsequent offspring, and for many years the le crens were members and benefactors of that church .
helped by the efforts put into the landing service, timaru grew so rapidly in the early 1860s that, by 1864, wool was shipped directly from timaru to london. the firm of h. j. le cren and company was engaged in that trade. it also acted as an agency, borrowing from financiers and lending to farmers .
in 1866, the year of the overend and gurney failure in england, henry sold the goodwill of his business to miles and company. in the same year the government took over the landing service. miles and company continued the shipping and wool trade, retaining henry as manager for a while. the firm of george gray russell and company, established in dunedin since late 1864, also set up a timaru branch. before henry had sold his business, george gray russell and company had been advertising for wool to ship home to potter wilson and company and was offering advances to growers. at some time after 1866 henry joined russell to form russell le cren and company .
during the late 1860s henry' s astute business judgement made him a useful member of the timaru and gladstone board of works and the timaru municipal council. he also pursued land interests as a partner in simon' s pass, peel forest and otaio stations. it was not until 1873 or 1874 that he sold beverley homestead, moved his completed family to london, and there joined russell in business, at 37 lombard street, to dispose of consignments from new zealand .
russell had found another trustworthy man to take charge of dispatching consignments from new zealand. he was john macfarlane ritchie, whom russell had originally recruited from his correspondent firm, potter wilson and company, in 1864. ritchie had made good with george gray russell and company, dunedin, and in 1873 had been taken into partnership. george gray russell and company then became russell ritchie and company, and sent consignments from new zealand to the london firm of russell le cren and company. (russell had wisely severed his connection with potter wilson and company before that firm became associated with the city of glasgow bank smash. )
in 1878 the recently formed national mortgage and agency company of new zealand limited took over russell ritchie and company and russell le cren and company. thus henry le cren contributed indirectly to the growth of another new zealand stock and station firm .
in the same year, 1878, henry' s wife died; his daughter, margaret douglas, married philip, brother of george gray russell; and the city of glasgow bank smash heralded a slump. henry withdrew from business and returned to timaru about 1880, where he had bought another house that he renamed craighead. he died on 20 may 1895. he was described in an obituary as' a shrewd but upright and able businessman…in his grasp of financial questions he had few if any equals'. well educated himself, he paid great attention to the education of his children, one of whom emulated his father by laying the foundations of another canterbury stock firm .
frederic le cren, sometimes underestimated, as younger brothers can be, engaged efficiently in several business opportunities that he found for himself, firstly at lyttelton, then at timaru. some of these business interests he shared with his brother; in particular, his partnership in simon' s pass station. like henry, he played his part in civic life: as a justice of the peace, and as a member or director of various public boards and councils at timaru .
when the timaru branch of the new zealand loan and mercantile agency company was established, frederic was selected as its manager, and held the post from 1875 almost until his death. starting at a time of inflation and over - optimistic borrowing, he had to apply the screw of retrenchment in the harsh 1880s, and after disastrous snows that afflicted the flocks of borrowers .
frederic died at timaru on 10 april 1902. during his life he was bitterly and perhaps unfairly criticised in the letters of john macfarlane ritchie and the diaries of francis hayter. it would be more just to remember, with the writer of frederic' s unsigned obituary, that he was a pleasant, genial character,' good to get on with' .
robert pinney.' le cren, frederic and le cren, henry john', dictionary of new zealand biography, first published in 1990. te ara - the encyclopedia of new zealand, urltoken (accessed 10 july 2018 )
all text licensed under the creative commons attribution - noncommercial 3. 0 new zealand licence unless otherwise stated. commercial re - use may be allowed on request. all non - text content is subject to specific conditions. © crown copyright .
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meanwhile, heartland nz reiterated that it' s considering a replacement unsecured bond issue and with westpac as arranger for any issue and bnz and westpac joint lead managers .
given heartland’s strong liquidity at present, the additional term funding is not necessary ,
heartland nz said .
however, the unsecured bond issue is being considered, given demand, and a desire by heartland to retain a diversified funding mix and provide quality product to its investors .
heartland nz was formed with the aim of becoming a sharemarket listed, new zealand controlled bank that doubles its nz $ 2. 2 billion asset base within five years by growing lending to families, small and medium sized businesses and farmers. its management plans to apply to the reserve bank for bank registration before the end of 2011 .
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former managing director tim miles made a surprise exit from the rural services company in 2010 at a period of underperformance .
gould then came on board as managing director in early 2011, having already served as a director of the board .
anderson said gould had performed his task admirably and whilse the board would be sorry to see him leave, his tenure was for a fixed and relatively short period and for a particular purpose .
the value of the company has been under pressure for a period since the departure of miles, said to have resigned after being confronted by a board unhappy with his performance .
another to leave from that period was craig norgate, who as chairman wanted to drive more consolidation in the company .
the shares had been under pressure in recent years, but during early 2013 had crept up to around 48c. but since then they have gone back to a downward trend. this afternoon the shares were down 2 cents, or 6. 25 per cent, at 30 cents .
according to the 2012 annual report, gould received a total remuneration package of $ 1. 5m. he did not receive director' s fees; rather his remuneration was payment for managing director services .
when the press asked gould earlier this year if he had any plans to leave, gould gave no indication he was intending to step down .
he had also indicated he wanted to get the company back to core basics, rather than go down an acquisition trail that had been part of the previous management' s strategy .
sir john anderson :
the business is now ready for its next phase of development and i think it' s time for someone else to lead the board through this .
sir john, a distinguished banker and businessman, said yesterday he was stepping down as chairman of the board after the annual meeting on october 22 .
the board would appoint a new chairman after that meeting, the company said yesterday .
other directors are bruce irvine, trevor burt, guanglin (alan) lai, lim siang (ronald) seah, wai yip (patrick) sang, and kean seng u .
former managing director george gould left at the end of june. the annual report shows his salary package was $ 1. 75 million for the year to june 2013 .
sir john was appointed in february 2010 to help sort out
legacy
issues at the company after the 2005 merger which formed the business .
sir john said when he joined the board his focus was on establishing good governance and addressing the legacy issues faced by the company .
when i came to the chair in 2010 the business was dealing with the after - effects of both the 2005 merger which formed the business and the global financial crisis. in the last 3 and a 1 / 2 years we' ve overseen work to stabilise the foundations of the business .
we' ve fixed the balance sheet and invested in the operating systems, staff and infrastructure of the business. the business is now ready for its next phase of development and i think it' s time for someone else to lead the board through this .
new chief executive, mark dewdney, praised the contribution sir john had made to the company .
sir john is one of new zealand' s most distinguished business leaders as illustrated by his induction into the business hall of fame earlier in the year ,
dewdney said .
sourced from our network of rural sales professionals, it provides a comprehensive review of the current state of the market .
the rural supplies store network consists of 94 stores supporting approximately 570 staff throughout new zealand servicing all farming and horticulture requirements. visit your local rural supplies store today .
our nationwide retail store network carries a wide range of products from seed to agchem, dairy detergent to stock nutrition. we deal with leading suppliers to ensure our customers have access to market leading brands and products .
agonline features a livestock quotes section that allows you to view listings of stock that is for sale, wanted to buy and any upcoming sales. this is essentially an electronic market board that brings buyers and sellers together, nationwide, every day for most classes of stock. what’s more, you don’t need to register and anyone can view this information .
if you are interested in purchasing livestock at these auctions, you are welcome to attend in person or ask your livestock representative to bid on your behalf .
if you have a significant line of stock to sell and think that the interest in the lots would warrant a specific date on the rural calendar, please discuss with your livestock representative .
we operate from liveweight selling centres and over 70 saleyards located throughout new zealand. with agonline you can browse the sales happening online and around the country with our saleyards schedule and results .
at auction, buyers can elect to bid themselves or use the services of our livestock team to bid for them. if you would like to sell your stock through any of the saleyard auctions please get in touch with your local livestock representative who will talk you through the necessary steps .
most listings have supporting details e. g. photos, video, animal history and breed details
see our featured properties from our national team of expert locals, connecting people with property .
we wish to advise that our standardbred team have resigned from the company and left the business on 18 june, to pursue other opportunities .
we believe that it is important for you to know that it is business as usual at pgw and we can assure you that payments due from the recent sales will be made as scheduled .
we ask for your patience as we work through these unfortunate changes, and whilst we review the options of appropriately resourcing the business for the future .
we will provide a further update in due course but in the meantime if you require information on credit and payments please contact jonathan furness, credit manager 027 707 8928 .
for any general information please contact me directly on 021 - 526 - 747 or peter. moore @ urltoken
last year they also wrote off $ 321 million of book assets for goodwill going back to the supposed synergies that were going to accrue from the 2005 merger. those synergies never eventuated. the market capitalisation currently sits at a little over $ 300 million .
the part of the business with the most promise is the seeds business. the seeds division has particular strengths in winter active pasture species. this has provided a strong foundation for business development in south america. however, finding synergies in china – very much a goal of the governance team – is more challenging. this is because chinese agro - ecological conditions contrast greatly with those found in new zealand where the plants have been bred .
keith woodford is an independent consultant, based in new zealand, who works internationally on agri - food systems and rural development projects. he holds honorary positions as professor of agri - food systems at lincoln university, new zealand, and as senior research fellow at the contemporary china research centre at victoria university, wellington .
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buying a new car? interest rates from 8. 95% p. a .
traditionally a building society will take better care of you, whilst a bank offers the best rates. with our roots in the past and our eyes firmly fixed on the future, you’ll find we’re the perfect mix of both .
heartland starts life as the ashburton permanent building & investment society which subsequently merges with smc building society and loan & building society to become cbs canterbury .
southern cross (later to become part of heartland) opens in auckland offering its north island customers a range of investments, savings, loans and day to day accounts .
at the start of the year, southern cross, cbs canterbury and marac merge to create the business that became heartland building society .
heartland is granted its bank registration by the reserve bank of new zealand, achieving its goal of becoming the only new zealand operated, controlled and managed banking group, with a parent company (heartland new zealand limited) listed on the nzx main board – the home of new zealand’s equities market and best known financial brands .
heartland building society converts from a building society to a company and becomes heartland bank limited .
heartland bank limited amalgamates with its parent company, heartland new zealand limited. this means heartland bank limited became the first new zealand registered bank to be listed on the nzx main board .
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the company reported its operating earnings lifted $ 8. 2 million in the last half - year .
improved performance in wool procurement and brokering businesses despite reduced demand for global crossbred wool .
we estimate china only makes $ 8. 46 from an iphone – and that’s why trump’s trade war is futile
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scott is no stranger to the world of lifestyle and rural properties, as he grew up on a dairy farm in scotland .
horses have been a huge part of his life and he is himself a talented horseman with a deep understanding of the requirements for a good equestrian property .
he topped his year at dundee university in scotland, completing a bsc (hons) in financial economics and statistics. seven years of retail management with asda in the uk gave scott a wealth of experience dealing with staff, customers and suppliers .
scott has represented both scotland and great britain in the prince phillip cup equestrian mounted games. after moving to new zealand in 2004, he coached new zealand to win the world championships in mounted games twice .
he also re - trained and re - homed over 100 racehorses, holds a nztb trainers licence and has show jumped to grand prix level .
having worked in the equestrian world for so long, scott has a solid database of clients throughout new zealand and australia .
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pgg wrightson is an agricultural supply business based in new zealand . it was created in 2005 through the merger of pyne gould guinness ltd and wrightson limited and has its roots in a number of stock and station agencies dating back to 1861 . it is one of the major suppliers to the agricultural sector in new zealand providing products such as seeds , grains , livestock , irrigation , farm equipment , insurance and financing . although publicly listed in new zealand on the nzx , pgg wrightson has been majority owned by chinese-based agria corporation ( gro , nyse ) since 2011 . 
pgg wrightson is an agricultural supply business based in new zealand. it was created in 2005 through the merger of pyne gould guinness ltd and wrightson limited and has its roots in a number of stock and station agencies dating back to 1861. it is one of the major suppliers to the agricultural sector in new zealand providing products such as seeds, grains, livestock, irrigation, farm equipment, insurance and financing. although publicly listed in new zealand on the nzx, pgg wrightson has been majority owned by chinese-based agria corporation (gro, nyse) since 2011.
pgg wrightson is an agricultural supply business based in new zealand. it was created in 2005 through the merger of pyne gould guinness ltd and wrightson limited and has its roots in a number of stock and station agencies dating back to 1861. it is one of the major suppliers to the agricultural sector in new zealand providing products such as seeds, grains, livestock, irrigation, farm equipment, insurance and financing. although publicly listed in new zealand on the nzx, pgg wrightson has been majority owned by chinese-based agria corporation (gro, nyse) since 2011.