Agria Announces Results of Annual General Meeting
BEIJING -- (Marketwired) -- 04/24/13 -- Agria Corporation (NYSE:
GRO) (the "Company" or "Agria") today announced that the Company held
its annual general meeting at 9:30 a.m. Hong Kong Time on April 24,
The notice convening the meeting originally proposed a resolution to
approve the combination, or reverse split, of the ordinary shares
currently issued by the Company at par value of $0.0000001 per share
such that the Company shall issue one (1) ordinary share (each a "New
Share" and collectively the "New Shares") for every three (3)
ordinary shares held by its shareholders ("Old Shares") (the "Reverse
Split"), with the par value of each New Share becoming $0.0000003,
equal to the aggregate of the par value of three Old Shares combined.
At the meeting, an amendment to the aforementioned resolution was
introduced to the effect that the Reverse Split would not take effect
immediately upon approval of the resolution, but rather subject to
and only upon the board of directors of the Company resolving to
approve and proceed with the Reverse Split.
Shareholders holding 59,004,120 ordinary shares, or approximately
53.3% of the Company's outstanding share capital, were present at the
meeting. The proposed amendment to the resolution and the amended
resolution itself were both approved by unanimous vote of all
shareholders present at the meeting.
The Reverse Split and the Company's previously announced proposed
change in the ratio of its American Depositary Shares ("ADSs") to
ordinary shares from 1:2 to 1:1 (the "ADS Ratio Change") were for the
purpose of regaining compliance with the minimum average closing
price continued listing standard of the New York Stock Exchange
("NYSE"). As the price of the Company's ADSs has remained above $1.00
for more than thirty consecutive trading days, the Company expects to
regain compliance with the NYSE's minimum average closing price
continued listing standard. As such, the board of directors of the
Company does not believe the Reverse Split and ADS Ratio Change are
necessary and do not intend to effect such actions at this time. The
board of directors may affect the Reverse Split and ADS Ratio Change
in the future if it determines that such actions are in the best
interests of the Company and its shareholders.
Mr. Alan Lai, Agria's Executive Chairman of the Board, commented,
"Our commitment is to deliver shareholders' value, preferably with
and through organic growth and efforts. We will continue to work hard
and strive towards fulfilling this commitment to our shareholders.
The reverse share split should only be used as an incremental tool
towards achieving this object in the long term for our shareholders."
About Agria Corporation
Agria Corporation (NYSE: GRO) is an international agricultural
company with operations in China, South America, New Zealand and
Australia. Agria operates three principal business lines: China
seeds, international seeds and agriservices. In China, Agria engages
in research and development, production and sale of seed products,
including proprietary field corn seeds, edible corn seeds, vegetable
seeds, grass seeds and forage. Agria owns through Agria Asia a 50.22%
equity interest in PGG Wrightson Limited, New Zealand's largest
forage and agricultural services company. For more information about
PGG Wrightson Limited, please visit www.pggwrightson.co.nz. 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.
For more information, please contact:
Chief Financial Officer
Tel: +852 2748 9390
Phone (U.S.): +1-646-308-1207
Phone (China): +86-10-6583-7511
Press spacebar to pause and continue. Press esc to stop.