Craig Norgate's RPI put into receivership

Rural Portfolio Capital and Rural Portfolio Investments (RPI), which was set up by Craig Norgate and the McConnon Family to control PGG Wrightson, have been put into receivership by Trustee Executors. Trustee Executors, which was acting on behalf of the Redeemable Preference Shareholders, announced the move to appoint McGrath Nicol late on Monday in a media statement. McGrath Nicol will hold 46.8 million shares in PGG Wrightson, 10 million shares in NZ Farming Systems and NZ$742,314 in cash.