New wool co-op waits

Growers of strong wool now have until December 31 to consider buying shares in a new wool marketing and supply co-operative

As previewed in yesterday's Otago Daily Times, Wool Partners Co-operative has for the second time extended the deadline for growers to buy shares in the new company, to allow the directors of farms owned by corporates and trusts time to consider and process the offer but also for others to make up their minds.

The original deadline was November 30 but it was extended to yesterday and now to December 31.

Wool Partners Co-operative (WPC) chairman Jeff Grant was convinced there was support for the $65 million $1 shares, the target which must be met for the company to start trading.

Under the proposal WPI, jointly owned by growers and PGG Wrightson, will become WPC, a wholly farmer-owned co-operative which will use branding and an integrated supply chain to lift prices.


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