Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Windflow Technology Rights Issue Fully Subscribed


Friday 7 December 2007

Windflow Technology Rights Issue Fully Subscribed

Windflow Technology Ltd reports a successful first phase of a two-stage capital raising, with $5.04 million of new shares issued today under a fully subscribed renounceable rights issue.

“The directors are delighted with the very strong response from existing shareholders taking up their entitlement under the 1 for 4 rights issue priced at $3 per share,” said Mr Barrie Leay, Chairman of the Christchurch-based manufacturer.

“Those who were unable to take up the offer helped us to introduce new shareholders by selling their rights on the market, so we are pleased to complete the exercise with a slightly wider spread of shareholders.

Further new investors have been attracted by the placement of approximately 9.3% of the first stage issue, this completing a very successful exercise.”

”We informed shareholders attending briefings held in several cities that Windflow is making a transition to continuous manufacture of the Windflow 500 wind turbine from the summer of 2007-2008”.

“We have been able to also communicate to sharebrokers and media that, as a New Zealand manufacturer of wind turbine technology, Windflow has a very promising year ahead with a significant increase in gross revenue expected.”

“Our new Riccarton plant is commencing work on the 44 turbines that have been ordered for the Te Rere Hau wind farm project at Palmerston North,” said Windflow chief executive Mr Geoff Henderson. “Completion of the full installation, of 97 turbines, will enable Windflow to showcase its strengths as a competitive New Zealand manufacturer of wind turbine technology.”

Proceeds from the rights issue, in conjunction with other sources, will be used initially to provide Windflow with working capital, as well as fund the development of variants of the Windflow 500 wind turbine.

The proposed variants are a 60 Hertz variant for the US market, a variant suited to isolated networks and island economies that are currently reliant on diesel generation of electricity and a variant better suited to low wind speed environments.

The second stage of the capital raising will take place in September 2008, said Mr Leay. Each new share issued has attached one separately tradable option for an “Additional Share” which is exercisable on 30 September 2008 at a price of $3.30 per additional share.

The new shares issued under the rights issue are fully paid and rank equally with existing ordinary shares.

A total of 1,680,923 new shares were allocated today, taking the total number of shares on issue to 8,470,341. The new shares and the 2008 options will be tradable on the NZAX on Monday 10 December 2007.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news