Rural Livestock buy into Canterbury saleyards

PGG Wrightson Ltd (PGGW) is selling 50% of the Canterbury Park Saleyards complex to one of the facilility's regular users, Rural Livestock Ltd (RLL). PGGW 100%-owned subsidiary Canterbury Saleyards Company Ltd (CSCL) holds the leases on the saleyards complex to the Canterbury A&P Association. RLL has participated in auctions at Canterbury Park since the complex was established, operating under a licence arrangement to CSCL reports Rural News. In November last year RLL indicated it wished to enter into a more binding and longer-term relationship with PGW in the saleyards. PGW and RLL have agreed to a 50/50 ownership of CSCL, scheduled to take effect by 01 March 2010.