PGG Wrightson has gone into a trading halt following its annual shareholders' meeting, where shareholders voted against the re-election of independent chair Garry Moore and independent deputy chair Sarah Brown.
A third director, Meng Foon, did not stand for re-election.
As a result, the company's board now comprises only three directors and does not meet the NZX listing rule requirements for the number of directors ordinarily resident in New Zealand.
It also does not have the minimum four directors required under its constitution.
PGG Wrightson's two largest shareholders were the ones who voted against the re-elections, but they did not provide reasons.
The company is now considering the implications and seeking legal advice while making arrangements to appoint additional directors.
It intends to maintain an orderly market and will make further announcements regarding board appointments in the near future.
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