Treble Cone shareholders have responded to a plea to raise $1 million in additional capital to help secure the skifield's immediate future, alleviating fears it would be sold.
Treble Cone Investments Ltd (TCI) said in a statement yesterday a recent raising of capital from existing shareholders had closed oversubscribed.
TCI director Richard Hanson said the company was very pleased to see the confidence shareholders had in the ski area.
About 50 of the company's main shareholders had raised more than the $1 million needed for the skifield to meet its immediate financial commitments, he said.
It was "not appropriate" to disclose how much was advanced over and above the million-dollar mark, Mr Hanson said.
There had been no bids by any other parties to buy Treble Cone or its operating assets.
"We never reached that point, because the request for additional capital was successful," he said.
TCI chairman Nat Craig issued a plea to shareholders in February asking for a $1 million injection of capital by way of a rights issue, after the skifield experienced a $466,000 trading loss for 2008.
The finances had also been buoyed by improved early bird season pass sales, and Treble Cone was in a good position for the upcoming season, Mr Hanson said.
Treble Cone marketing manager Anna Thomas said early bird season pass sales had shown a "good increase", from last year.
"We've had a particularly good uptake from Wanaka locals and further afield around Otago," she said.
Mr Hanson said Treble Cone subsidiary company Snowline Holdings Ltd still planned to develop a gondola to the skifield.
However, with a 10-year consent timeframe available for construction, "the most appropriate time" to start building the $20 million gondola had yet to be decided, he said.
