John Parker has been assigned with new responsibilities as he is the new chairman of NZ Farming Systems Uruguay. Mr. Parker has displaced Keith Smith, who was the chairman of the company since its formation.

Keith Smith, who is not very pleased about quitting his role, said that he as chairman was very clear of taking NZFSU and PGG Wrightson as different holdings. PGGW has a shareholding in NZFSU of 11.5 percent.

NZFSU and PGG Wrightson share prices are on all time low with “debt problems” which is eroding the companies fully. Though PGGW intends to pay banks more than $200 million next year.

Company’s milk price in November was US 27c per liter, which shows an increase US 3c in a month.

As per the Analyst consensus for the financial year 2009-10 the company’s estimated loss was around $US10 -$15 million.

“There is some potential for further upside in milk prices received by NZFSU and the summer climate in Uruguay is currently more favorable than it was at the same stage of last year”, the company said.