Agria Issues Open Letter to Shareholders
AGRIA (GRO)
US:NYSE Investor Relations:
ir.agriacorp.com/phoenix.zhtml?c=216437&p=irol-irhome_pf
Company Research
Source: Marketwire
AUCKLAND, NEW ZEALAND -- (Marketwired) -- 10/27/16 -- Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a leading global agriculture company, today issued an open letter to stockholders reviewing its ADS repurchase program and other positive developments. Following is the full text of the letter: 27 October 2016 Dear Shareholders of Agria Corporation: We are writing to report on the initial success of your Company's share repurchase program. As you may recall, on June 8, 2016 the Board authorized the repurchase of up to $10 million worth of our American Depositary Shares ("ADS" or "shares"), which trade on the New York Stock Exchange. The repurchase program was motivated by the Board's assessment that the ADSs were significantly undervalued relative to the assets of the firm. In particular, the trading price of an ADS is still today far below the our calculation of net asset value of the company, which reflects our economic interest in PGG Wrightson less
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