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Growerco support encouraging


14 November 2001

MEDIA RELEASE
Farming and Business Editors
IMMEDIATE USE


Growerco support encouraging
[312 words]

Wool marketing co-operative, Growerco, has had very encouraging support from growers, according to its chairman, Sir Brian Lochore.

The company will now progress negotiations with potential service providers.
This follows 17 meetings over the past fortnight with more than 800 growers around the country, from which there was solid support for Growerco.

Sir Brian says Growerco had expected to receive more support cards in the early days following the meetings, and would encourage growers to keep sending them in to enable directors to gauge the real level of support.

“We know from our research that almost 25% of growers would supply wool to Growerco, and growers should continue to send their cards in if they want to receive a copy of the investment statement when we release it.”

“However, the support we have had has given us the confidence to talk in more detail with potential service providers. When we have nailed down more of these operational details, and are confident of sufficient grower support, we will release the prospectus and investment statement.

“Growers will then be able to take up shares in the company and make a formal commitment to supply wool.”

Sir Brian said that the growers at the meetings could see the merits of Growerco’s integrated marketing company.

“The ability to link on-farm production to the specifications for the wool blends we will market to manufacturers would put Growerco in a very powerful marketing position.

“Growers are also keen to have a system that rewards them for producing what manufacturers actually want, rather than having to take their chances on the local spot market.”

Growerco has prepared a prospectus and investment statement and intends releasing them soon.

[ends]
For more information, contact
Sir Brian Lochore, tel 06-377 0195
Ed Kight, tel 06-374 3519

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