PGG Wrightson Finance will try again for approval from bondholders for a one-year extension on NZ$100 million of bonds.The meeting of bondholders required to approve the extension was to be held in Christchurch last Wednesday but was adjourned because insufficient attended or had failed to send proxies to obtain a quorum. PGG Wrightson Finance advised the NZDX that the meeting will now take place on August 12.Interest.co.nz reported on Friday that the company has now received sufficient proxies for a quorum to be formed at the next meeting. The company needed sufficient bondholders to attend or lodge proxies to account for at least 50.1 per cent of the bonds outstanding. Now that this has been achieved, the company needs 75 per cent of those bondholders to vote in favour of the extension. The bonds were issued in December 2008 with the option of a 12-month extension. However as the New Zealand government guarantee will be extended on different terms, extension of the bonds requires the approval of bondholders. The guarantee attached to the bonds will be extended, although not on the same terms, while the coupon will remain unchanged at 8.25 per cent. Investors holding more than NZ$250,000 of bonds, and overseas bondholders, will be able to sell back their bonds on the original maturity date of October 8 2010, as the Crown guarantee will not be extended for these investors. The bonds will be held by the company as treasury stock.