The first was granted in November 2009 from NZSX Listing Rule 9.2.1 to enable:

  • The Company to enter into a strategic partnership with Agria Corporation as part of the Company’s capital raising initiatives, including Agria and RPI/PGC entering into a rights trading agreement and arrangements to terminate the RPI/PGC shareholders agreement, being a material transaction with a related party, without shareholder approval.
  • Firm in relief arrangements to be entered into with existing eligible shareholders of the Company, and the potential placement of any shortfall on the rights issue being a material transaction, without shareholder approval.

As part of the first waiver an NZX ruling was obtained that convertible redeemable notes to be issued to Agria constituted debt securities.

The second was granted in February 2010 from NZSX Listing Rule 3.5.1 to enable PGG Wrightson Finance Ltd to appoint additional independent directors to its board and pay them directors fees without having to obtain shareholder approval from the Company.