Announcement

CORPACT: PGW: PGG Wrightson - Confirmation of Capital Return 03:43p.m. 
PGW  
31/07/2019 15:43  
CORPACT  
PRICE SENSITIVE  
REL: 1543 HRS PGG Wrightson Limited  
 
CORPACT: PGW: PGG Wrightson - Confirmation of Capital Return  
 
31 July 2019  
 
PGG Wrightson - Confirmation of Capital Return  
 
Capital return final court orders and share consolidation  
PGG Wrightson Limited (PGW) has today received final High Court orders  
approving the return of capital by way of a scheme of arrangement under Part  
15 of the Companies Act 1993. In addition, PGW has confirmed that a share  
consolidation will be implemented following the scheme as previously  
signalled.  
PGW Chairman, Rodger Finlay said "It is pleasing to be able to confirm final  
details for the capital return. The capital return was initially proposed in  
August last year and there have been a number of significant steps to get to  
this stage. PGW shareholders have effectively voted on two occasions to  
emphatically endorse the distribution and accordingly this confirmation is  
much anticipated and will be welcome news."  
 
Capital return  
On 4 July 2019 PGW announced that it had received initial orders from the  
High Court to seek shareholder approval to return approximately $234 million  
of capital to shareholders. PGW held a special meeting of shareholders on 23  
July 2019 to vote on the proposed capital return. The resolution was carried  
with 99.95% support of those who voted on the scheme.  
The record date for determining entitlements of shareholders to participate  
in the scheme has been set as 7 August 2019, with a summary of the important  
dates set out below. Further details in relation to the return of capital  
are included in PGW's notice of meeting released on 4 July 2019.  
 
Share consolidation  
A consolidation of PGW's ordinary shares will be implemented following the  
capital distribution on a 1 for 10 basis, whereby every 10 existing shares in  
PGW (after completion of the scheme) will be consolidated into one share.  
Fractional entitlements will be rounded to the nearest whole number of  
shares, with fractional entitlements to half a share to be rounded up. PGW  
reserves the right to aggregate holdings held by associated shareholders,  
where it considers that holdings have been split to take advantage of  
rounding. As a result, the number of shares on issue in PGW will reduce from  
754,839,050 to approximately 75,483,905 shares.  
 
The record date for the share consolidation has been set as 9 August 2019,  
with a summary of the important dates set out below.  
 
Effect on shareholders and further information  
 
Following the scheme and the consolidation, shareholders will:  
(a) continue to hold 1 share for every 10 shares they held before the scheme  
(subject to rounding); and  
(b) have in effect received a payment equivalent to NZ 31 cents for each  
share held before the scheme.  
In order to effect the scheme and share consolidation, PGW will enter into a  
trading halt. Details of this trading halt will be provided in a memorandum  
from NZX Operations. Corporate action notices are attached to this  
announcement.  
 
Important Dates*  
 
- 5.00pm, Wednesday 7 August 2019 Record date for determining entitlements  
of shareholders to participate in the scheme  
 
- 5.00pm, Friday 9 August 2019 Record date for consolidation  
 
- Monday 12 August 2019 Date for dispatch of new holding statements  
 
- Wednesday 14 August 2019 Payment for cancelled shares  
(*Dates given are New Zealand times)  
 
For enquiries please contact  
Julian Daly  
General Manager, Corporate Affairs and Company Secretary  
PGG Wrightson Limited  
Phone: +64 3 3720972  
End CA:00338405 For:PGW Type:CORPACT Time:2019-07-31 15:43:16