A mediator has been appointed to oversee negotiations between New Zealand meat firm Silver Fern Farms and rural services group PGG Wrightson Limited (PGW), after PGW breached an agreement that would have seen it take a 50% share holding in the meat group.
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Silver Fern sought damaged after the NZ$220m deal fell through.
“The issue between the parties now relates solely to compensation for damages caused by PGW’s default on the unconditional contract, and the costs of the transaction and costs flowing from the breach,” the company said in a statement.
Silver Fern Farms and PGW have today agreed to appoint retired High Court judge Robert Fisher QC, to mediate an agreement within an agreed, short, timetable. The mediation is scheduled to conclude by 18 April, Silver Fern said.
According to New Zealand reports today (6 March), Silver Fern has advised its banks that it was not in compliance with its minimum shareholders funds covenant.
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