SOURCE: Agria Corporation

Agria Corporation

December 22, 2015 08:30 ET

Agria Subsidiary PGG Wrightson Announces Settlement of Commerce Commission Investigation

HONG KONG, CHINA--(Marketwired - Dec 22, 2015) - Agria Corporation (NYSE: GRO) (the "Company" or "Agria") today announced that the High Court of New Zealand (the "Court") has approved a settlement agreed upon between its New Zealand-listed subsidiary, PGG Wrightson Limited (NZSE: PGW) ("PGW"), and the New Zealand Commerce Commission (the "Commission") to resolve the proceeding brought by the Commission against PGW, among other companies that operate livestock sale yards.

The settlement avoids protracted and costly litigation. The proceedings alleged that there were agreements between PGW and other livestock industry competitors in relation to the charging of fees for services provided at sale yards to comply with the requirements of the National Animal Identification and Tracing Act 2012 ("NAIT") introduced in July 2012. 

In reaching the settlement with the Commission, PGW has agreed to pay a pecuniary penalty of NZ$2.7 million (US$1.8 million) and to review the NAIT-related fees that it charges. 

The announcement issued by PGW can be accessed via the following link: http://pggwrightson.co.nz/our-company/nzx-announcements.

About Agria Corporation
Agria (NYSE: GRO) is a global agricultural company with three principal business segments: Seed and Grain; Crop Protection, Nutrients and Merchandise; and Rural Services. The Seed and Grain segment is engaged in research and development, production and sale of a broad range of seed products and trading of seed and grain products globally. The Crop Protection, Nutrients and Merchandise segment operates an extensive chain of retail stores that supply farm input materials. The Rural Services segment provides livestock trading, wool trading, irrigation and pumping, real estate agency and other agriservices. For more information about Agria Corporation, please visit www.agriacorp.com.

Safe Harbor Statement:
This announcement contains forward-looking statements. These statements, including the management's commentary, are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Agria may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Agria's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, those risks outlined in Agria's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this announcement unless otherwise stated and Agria does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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