PGG Wrightson

Heartland New Zealand's acquisition of PGG Wrightson Finance has been finalised.

Heartland New Zealand retail depositors continued to demonstrate strong loyalty, group treasurer Craig Stephen said yesterday.

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".

Prices for most styles of wool finished cheaper again at this week's combined sale of North Island and South Island wool in Christchurch.

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.

PGG Wrightson has taken direct control of Wool Partners International (WPI), with WPI trading from today as PGG Wrightson Wool.

Merino growers have voted to buy PGG Wrightson's half-share in New Zealand Merino for $7.625 million.

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.

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.

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.