Agria (NYSE:GRO)

BEIJING--(Marketwire - Feb 21, 2012) - Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a China-based agricultural company with operations in seeds in China and internationally and in agri-services, announced that its New Zealand listed subsidiary, PGG Wrightson Limited (NZSE: PGW), further improved its operating performance, reporting a 55% increase in earnings before interest, tax and depreciation (EBITDA) for the six months to 31 December 2011 of NZ$22.0 million compared to NZ$14.2 million in December 2010. Revenue for the six months to 31 December 2011 was NZ$693.8 million compared with NZ$616.9 million for the six months ended 31 December 2010. Results are for the first six months of PGG Wrightson's fiscal year.

Mr. Xie Tao, Agria Corporation's Chief Executive Officer, said, "The impressive improvement in profitability underscores the strength of the company's business, management's execution, and our continued optimistic business outlook. It should also be noted that the second half of the fiscal year is typically stronger, normally accounting for almost two-thirds of the AgriTech operation's full year earnings."

George Gould, PGG Wrightson's Managing Director, said that PGG Wrightson's improved operating results were led by increased profitability in its livestock, retail and real estate operations. The Company's AgriTech operations, which include seeds, grain and nutrition, remained relatively stable with last year.

"Overall, PGG Wrightson's operating profitability has improved as the Company successfully executes its business strategy of offering high quality service and products to its farmer clients throughout New Zealand, Australia and South America."

Mr. Gould further noted that PGG Wrightson's improved financial position reflects the sale of its finance company and that it would now benefit from lower debt servicing costs.

Net profit after tax (NPAT) was NZ$3.1 million, compared with a loss of NZ$5.9 million for the equivalent period last year.

BEIJING--(Marketwire - Nov 8, 2011) - Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a China-based company with investments in the agriculture sector, today announced it has received the first phase of a grant to help fund Sino-New Zealand joint research into high technology content grass seeds for the China market. This stage grant is for RMB6 million ($0.9 million) and has been made by the Science and Technology division of the Beijing Government.

The grant will be used to fund joint research and development into the adaptation of six grass seed varieties that were originally developed in conjunction with Agria's subsidiary PGG Wrightson with a view to the seed varieties' application in China.

The R&D project also intends to develop GAP (Good Agricultural Practice) in the development of grass seed technology by following the high standards set in New Zealand.

Agria's VP Charles Jiang said: "China has 390 million hectares of natural grassland but much of this is of very low productivity. By working jointly with our and our partners' scientists in China, those in New Zealand and our subsidiary PGG Wrightson, we aim to develop high technology content grasses to allow for the increase of productivity of this grass land. This is the latest success of Agria's strategy of working with leading government science departments in China to secure a pipeline of next generation seed technologies for future commercialization. It will also serve to strengthen the PGW brand in China."

BEIJING--(Marketwire - Oct 21, 2011) - Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a China-based company with investments in the agriculture sector, today announced that the Company regained compliance on an accelerated basis with the New York Stock Exchange continued listing standard requiring a listed security to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading-day period. This was the only continued listing criteria the Company was not in compliance with.

BEIJING--(Marketwire - Sep 21, 2011) - Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a China-based company with investments in the agriculture sector, today announced it has appointed John Layburn as Chief Financial Officer and Jerry Mao as Financial Controller. Both appointments are effective today.

John Layburn has served as Agria's Acting CFO since April 2011 and as Chief Strategy and Compliance Officer since October 2009. Since joining the Company, he has led the implementation of Agria's turnaround strategy, including its divestment of P3A and making our overseas investments resulting in the ownership by Agria of a controlling stake in PGW, New Zealand's leading agricultural services company. He has also led our compliance team resulting in Agria becoming and remaining fully compliant with our reporting obligations.

BEIJING--(Marketwire -07/26/11)- Agria Corporation (NYSE: GRO) (the "Company" or "Agria"), a China-based company with investments in the agriculture sector, today announced that the Company was notified by the New York Stock Exchange ("NYSE") that the Company is not in compliance with the NYSE continued listing standard requiring a listed security to maintain a minimum average closing price of $1.00 per share over a consecutive 30-trading-day period. The NYSE noted that the minimum average closing price is the only listing criteria the Company is not in compliance with. The Company has six months from receipt of the notification to bring its ADS price and average ADS price back above $1.00.

 Class action lawsuits

    On February 3, 2009, a consolidated class action lawsuit in the United States District Court for the Southern District of New York was filed, alleging violations of various sections of the Securities Act, against the Group, our executive officers, our directors and other defendants. The lawsuit alleges that our initial public offering registration statement and prospectus failed to disclose certain alleged discussions between two Agria executives relating to requests for additional compensation and a threatened resignation.

    On December 1, 2009, the U.S. District Court for the Southern District of New York dismissed the consolidated class action against the Company and the underwriters defendants, and the Court issued a judgment in favor of the Company and the underwriter defendants.

    On June 4, 2010, the Group entered into a memorandum of understanding with the lead plaintiff reflecting an agreement in principle and agreed to pay $3.75 million to settle all claims asserted in the class action lawsuit. On September 20, 2010, the court granted a preliminary approval of the settlement. The deadline for filing objections to the Settlement, Plan of Distribution of settlement proceeds, and attorneys’ fee and expense request by Lead Plaintiff’s counsel expired on January 7, 2011, and no such objections were filed by Class Members.

    On June 7, 2011, the court granted final approval of the settlement and entered a final judgment resolving the case. The settlement amount is within the limit of our applicable insurance policies, and the settlement is not expected to have any significant impact on our financial position, results of operation or cash flows

We believe that our current cash and cash equivalents and anticipated cash flow from operations will be sufficient to meet our anticipated cash needs for the foreseeable future. We may, however, require additional cash due to changing business conditions or other future developments, including any investments or acquisitions that we may pursue, or any amounts we may pay in the class action lawsuits against us.

Agria has been unable to complete its 2008 20-F within the prescribed time because of delays in completing the preparation of its annual financial statements. The delays have been caused by two investigations conducted at the direction of the Audit Committee which are currently underway and a delay in the independent valuation of the Company’s biological assets, including sheep and date trees, that is being conducted by an independent valuation firm.

Source: SEC Form 6K (June 25, 2009)

Alan Lai, Agria's chairman and chief executive officer, commented, "We expect Agria's operating environment will remain difficult for the foreseeable future. We will be evaluating implications on our business and strategy as part of the company's recent senior management changes. Given the above, Agria is withdrawing its prior forecast for the fourth quarter of 2008, as provided in the company's press release on November 11, 2008. We plan to hold a conference call as soon as possible to update investors on the results of our evaluation."

Source: Marketwire (December 10, 2008)