Hong Kong, China
June 10, 2016
Agria Corporation (NYSE: GRO) (the "Company" or "Agria") today announced that its Board of Directors has authorized a share repurchase program, under which the Company may repurchase up to $10 million of its outstanding American Depositary Shares ("ADSs") through December 31, 2017.
The repurchases may be made on the open market at prevailing market prices, in privately negotiated transactions, in block trades or through other legally permissible means as determined by Agria's management, including through Rule 10b5-1 share repurchase plans. The timing and extent of any purchases will depend on market conditions and be in accordance with applicable rules and regulations. Agria's board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. Agria plans to fund repurchases made under this program from its available cash balance.
Agria Executive Chairman Alan Lai commented, "We are pleased with our strategic investment in PGG Wrightson Limited ("PGW"), as we have successfully turned around PGW since 2009. PGW has over the last few years consistently delivered good results and performed well across all lines of its business. We are confident of the growth and strategic opportunities PGW will bring to the Company and our shareholders. Our Board of Directors and senior management strongly believe that the current valuation of Agria shares does not reflect the intrinsic value of the Company and the growth and strategic opportunities of PGW."
About Agria Corporation
Agria (NYSE: GRO) is a global agricultural company with three principal business segments: Seed and Grain; Crop Protection, Nutrients and Merchandise; and Rural Services. The Seed and Grain segment is engaged in research and development, production and sale of a broad range of seed products and trading of seed and grain products globally. The Crop Protection, Nutrients and Merchandise segment operates an extensive chain of retail stores that supply farm input materials. The Rural Services segment provides livestock trading, wool trading, irrigation and pumping, real estate agency and other agriservices. For more information about Agria Corporation, please visit www.agriacorp.com.
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