PGG Wrightson trading halted after key board re-election votes fail

PGG Wrightson Limited (PGW) initiated a trading halt on October 14, 2025, at 1:11 PM, following its annual shareholders' meeting where shareholders voted against the re-election of independent chair Garry Moore and independent deputy chair Sarah Brown. This outcome left the board with only three directors, failing to meet NZX Listing Rule requirements and the company's constitutional minimum of four directors.

In response, the remaining directors reappointed former director John Nichol to the board to address governance requirements. PGW's two largest shareholders voted against the re-elections without providing specific reasons. Trading in PGW securities is set to resume from market open on Wednesday, October 15, 2025.

The ASM also covered a review of the FY25 financial year, with PGW reporting an operating EBITDA of $56.1m (up 27% from prior year) and a net profit after tax of $10.7m (up 248% from FY24). The company declared fully imputed dividends totaling 6.5 cents per share for the year and anticipates FY26 operating EBITDA to exceed $60m.