PGG Wrightson is selling its 50 percent shareholding in The New Zealand Merino Co to Merino Grower Investments (MGI) for $7.625 million.

Now that woolgrowers have dumped Meat & Wool NZ during its levy referendum, new options are being floated to snare millions in farmer cash.

About $6.5 million per year would have been collected from woolgrowers by Meat & Wool based on its failed fibre proposal.

Federated Farmers vice president Don Aubrey said yesterday afternoon that fine wool producers should develop their own organisation and he is seeking support to hold a referendum with a view to develop one.