Wools of New Zealand has managed to secure a total of $4.1
million so far in its efforts to raise capital.
The company, which has extended the deadline for its share
offer to wool growers to February 25, has a $5 million
minimum level required.
As of Wednesday, $4.1 million had been raised from 552
growers, between them representing about 12 million kg of
annual wool production.
The objectives of the directors remained to raise $10 million
of capital and to have shareholders who annually produced 20
million kg of wool or more.
Given the number of growers who had indicated they were still
to subscribe for shares, directors were confident those
objectives would be met, chairman Mark Shadbolt said.
Strong-wool growers had been asked to subscribe for shares at
a ratio of one share for every 2kg of their annual
strong-wool production, with a minimum subscription of 5000
shares at $1 per share.
He urged growers to seriously consider the opportunity and
apply for shares as soon as possible because the directors
had the discretion to close the subscription list at any
point once reaching the minimum capital requirement.
Mr Shadbolt said growers who had already applied for shares
had demonstrated their recognition that by owning Wools of
New Zealand and investing beyond the farm gate, they would
strengthen their long-term profitability.