Green light for Wools of NZ as it reaches first threshold
19 February 2013
Green light for Wools of New Zealand as it reaches first threshold
Wools of New Zealand announced today that it has achieved the minimum threshold of $5 million necessary to proceed with establishing a 100% strong wool grower-owned sales and marketing company.
Achieved one week ahead of the 25 February offer close, the company is now positioned to pursue its commercial, market pull strategy, putting Wools of New Zealand’s brands and market connections to work and further developing its technical and marketing capability for the benefit of its grower shareholders.
This milestone has been reached through the continued support of growers who recognise the need to invest beyond the farm gate. This includes investors in Wools of New Zealand who have converted some of their loans to the Wools of New Zealand Trust into shares in Wools of New Zealand, demonstrating their commitment and confidence in the proposition and their desire to see the company thrive under grower ownership.
Mark Shadbolt, chairman of Wools of New Zealand, said achieving the minimum investment represented an opportunity for strong wool growers who have invested and committed to own the Wools of New Zealand brands and assets and be involved in a commercial strategy aimed at long term profitability. “While we are anticipating a late rush of applications from farmers, the good news is that we have met the minimum threshold required.
“There’s still time for growers to get on board and I urge all undecided strong wool growers to consider this opportunity seriously and get their applications in this week, to ensure receipt by the 25 February deadline. Applications can also be emailed to email@example.com right up to the close-off.”
The Wools of New Zealand capital raises closes on Monday 25th February at 5pm. For a copy of the Prospectus and Investment Statement visit www.ourwool.co.nz