Activist Plantro Pushes for Board Overhaul at Ag Growth

An activist investor is pressing for a board shakeup at Ag Growth International, citing what it calls a severe governance breakdown following a regulatory cease-trade order and the departure of the company’s chief executive officer last week.

Plantro Ltd., which says it holds about 5% of the Canadian grain-handling and farm-equipment maker, has sent two letters to the company’s chair urging directors to reconstitute the board before recruiting a new CEO, reduce leverage and work with Plantro to identify new candidates for independent directors, according to people with knowledge of the matter.

Ag Growth has been under pressure ...