Cornerstone shareholder Agria (Singapore) has advised the board of PGG Wrightson it has withdrawn its notice of a special shareholders meeting to consider proposed changes of directors.
The board has welcomed the development and dropped its preparations for the special meeting.
“Agria and the board have determined that the current composition and the majority of the membership of the board continue to have an appropriate balance of expertise, skills, and independence.”
Agria principal and former PGW chair Alan Lai had sought to replace a majority of the directors with Agria nominees, himself included.
As it stands, the board is now chaired by Garry Moore, along with Sarah Brown and Charlotte Severne, and two Agria nominees, Meng Foon and U Kean Seng, reflecting Agria’s 44% shareholding.
