Australian company Lempriere Holdings is nearing its proposed
takeover of New Zealand Wool Services International, now
holding more than 87% of shares in the company.
Wool Services International chairman Derek Kirke said
shareholders who had not accepted the offer by WSI Holdings
Pty Ltd, an associated company of Lempriere, should consider
their position ''as this level of acceptances gives WSIH a
high level of control''.
In a statement to the market, Mr Kirke said the directors of
NZWSI and some senior management had all accepted the offer.
The offer was still subject to two conditions; that Overseas
Investment Office approval was obtained, and that WSIH
received a certificate from Apex Environmental Ltd confirming
wastewater discharge levels at the company's Kaputone wool
scour were less than the specified levels previously
determined by WSIH and Apex.
Meeting that wastewater discharge condition was taking longer
to achieve than originally anticipated due to technical and
engineering issues, however the company was making ''solid
progress'' towards obtaining the certificate, Mr Kirke said.
The company expected the OIO decision ''in the near future''.
The Commerce Commission granted authorisation to Cavalier
Wool Holdings in 2011 to make an offer for WSI's
wool-scouring assets. WSI later confirmed it was planning
capital raising in its attempt to buy the 64% of the company
owned by Plum Duff and Woolpak Holdings and under the control
of a receiver. Lempriere's takeover bid was revealed in
September last year.