After 25 years of Craig Norgate's avid involvement into the rural sector, today it seems as if his future wasn't much safe in it. His investment vehicle, Rural Portfolio Capital Ltd, had to delist its preference shares as it has scampered out of cash and cannot meet the stipulations listed down by Trust Deed.

The assets of the companies, Rural Portfolio Capital (RPC) and Rural Portfolio Investments (RPI), have been now safely handed over in the hands of its trustees. The Trustees Executors have appointed Kerryn Downey and Andrew Grenfell of McGrathNicol as the beneficiaries of the chattels of both the companies.

The preference shares were redeemed, cancelled and delisted as an action followed up by the breach of the company's security trust deed. "We are obviously disappointed. We've worked for 18 months to try to make sure we didn't have this sort of outcome", said Mr. Norgate.

These secured assets include PGG Wrightson's 46.8 million shares, 10 million in New Zealand Farming Systems Uruguay and $742,314 in an escrow account. There had also been a phase in the closing period of share market prices, when $60 million of preference shares had been sold for just $29.64 million of assets. There had been a loss of $1.45 million to the company, over which Mr. Norgate expressed his vigorous disappointment.