Patience is a virtue for the group that snapped up a $35m stake in PGG Wrightson, four years after looking closely at a full buyout.
says a share price drop of 23 per cent that wiped $475 million from the group’s value on the announcement of his departure next year is a “gross overreaction” and he does not take it as a compliment.
“I think it’s a gross overreaction. I think it reflects less on me and more on the market not liking uncertainty.”Mr Allison also said Elders was content to just sit on its newly acquired 11.3 per cent stake in New Zealand farm supplies company PGG Wrightson. Elders paid $35 million for the stake on December 14, picking up the parcel from a Chinese shareholder. “We’re sitting there, we’ll monitor how it goes. It’s a low pulse rate move.
He engineered a strong turnaround at a company that almost went bust after the global financial crisis, focusing on steadily lifting return on investment as Elders became a pure-play agricultural group again after an ill-fated expansion into sectors including telecommunications, automotive components, forestry, aquaculture and insurance under previous management before the GFC.
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