Agria (GRO)'s wholly owned China seeds subsidiary grew revenues in fiscal 2013 by 98% to $17 million, yet it's currently being valued at LESS THAN ZERO. If GRO sold their shares of PGG Wrightson (PGW.NZ) at the current New Zealand Exchange market price it would have approximately $174.71 million in cash and $75 million in debt, for a net cash position of $99.71 million. With 55.38 million shares outstanding, GRO would have a net cash position of $1.80 per share! GRO is currently trading for only $1.31. Even if GRO's China seeds business is worth only 1X sales or $17 million, GRO deserves to trade for $2.11 per share, up 61% from its current share price. GRO has approved a $10 million share buyback and at any time now the company could begin buying back as many as 7.5 million shares in the open market. We have already accumulated 550,000 shares of GRO and don't intend to sell until it reaches much higher prices.